Jet Airways shut down its operations temporarily on 17th April of 2019. The shutting down of the company affected their 20,000 employees and more than 60,000 people indirectly. Jet was the second-largest airline by passengers till January this year in the domestic market and was also flying more passengers than national carrier Air India to overseas destinations from India.
The company is reportedly in a debt of default of Rs 8,000 crores. (SBI) 2.26 % the lead lender and biggest state run bank has decided to change the management and stake sale in the beleaguered airline have opted for calling Expression of Interest (EOI).
- Conclusion
Though the insolvency has been just 2.5 years old but it has shook the entire Indian corporate world. Some of the biggest and influential corporate have been facing insolvency and trying to retain their companies. Several amendments by Ordinances were brought and now the time has come for sectoral regulators recognising the Insolvency.
Economictimes
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