Jet Airways shares bounce back
Jet Airways shares bounce back

New Delhi: The Centre on Wednesday washed its hands of revival plan of the collapsed Jet Airways, saying the government has no role in raising funds for it which is its internal matter. In written replies to Sanjay Singh(AAP) and Ritambrata Banerjee (Trinamul) in the Rajya Sabha, Minister of State for Civil Aviation Hardeep Singh Puri said revival of the airlines is now possible only under the Insolvency & Bankruptcy Code, 2016.

He said State Bank of India (SBI) has filed an application under IBC and it was admitted by the National Company Law Tribunal, Mumbai, on June 20. "Jet Airways (India) Limited reported aggregated losses during last few quarters which eroded its liquidity and jeopardized its ability to sustain its operations. As a result there were significant overdues towards all creditors including the lessors of the aircrafts, pilots, suppliers, oil companies etc," the minister added.

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