MUMBAI: The Mumbai bench of the bankruptcy court is scheduled to hear on Monday insolvency petitions filed against Jet Airways by two of its suppliers, a development that could hurt the efforts of banks to cobble together a deal with investors to revive the grounded airline.
Banks have so far tried to keep Jet out of court-monitored insolvency proceedings, as sought now by the two operational creditors, as they wanted to maximise the money they could recover from the debt-ridden airline. If the National Company Law Tribunal (NCLT) accepts the pleas of Shaman Wheels and Gaggar Enterprises under the Insolvency and Bankruptcy Code (IBC), these financial creditors would also have to become party to the case to recover their money.
We have to…
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