MUMBAI, June 17 (Reuters) - Lenders to India’s Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline’s lenders said in a statement on Monday.
“After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” said the lenders, referring to India’s Insolvency and Bankruptcy Code.
Once India’s biggest private carrier, Jet Airways was forced to stop flying in April after running out of cash. Its collapse has left thousands without jobs and pushed up air fares across the country.
Reporting by Aditi Shah Editing by Euan Rocha