No decision on taking Jet Airways to NCLT: SBI

Mumbai: The State Bank of India (SBI) on Monday said no decision has been taken on moving the National Company Law Tribunal (NCLT) to recover loans from private carrier Jet Airways and called media reports in this regard “speculative”.
“Reports have been appearing in the media about an SBI decision to refer Jet Airways to the NCLT. These are totally speculative and the SBI would like to state that no such decision has been taken,” an SBI spokesperson said.
Following reports of the state-run bank having decided to take the airline to the National Company Law Tribunal, Jet Airways shares lost 5 per cent in early trade on Monday but recovered somewhat to close 3.70 per cent down at Rs 227.95 per share.
Shareholders of the beleaguered airline had, at an extraordinary general meeting (EGM) here on Thursday, approved by an overwhelming majority a proposal to convert a part of the company’s loans into shares.
The development assumes significance as the approval was required to go ahead with the provisional resolution plan (BLPRP) led by the consortium of the lending banks. (IANS)