Avoidable delay

On Thursday, the National Company Law Tribunal (NCLT) admitted a plea made by a consortium of lenders to initiate bankruptcy proceedings against the grounded Jet Airways. This follows the failure of the bank consortium, led by the State Bank of India, to find a buyer. This search had been ongoing even before the consortium took operational control of the airline in March this year. The banks had hoped to find an entity willing to take over Jet after its former chairman Naresh Goyal was out of the picture. But even a formal process of bidding resulted in only a single effective bid, from Jet&rs.....
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