A lack of claarity on the impact of supreme court order, quashing the RBI February,12 2018 circular it has delayed the state sale process of cash starved jet airways.
Banks are awaiting approval from RBI on legality of debt-equity conversion at Rs 1.
Earlier this week,Lenders consortium had announced that the Expression of Intrest from bidders could be invited on april 6. They had set april 9,as the deadline for receiving bids.Delay here could lead to more worsening of crisis.
Below are some of the crisis situation.
8,500 crore jet owes to Lenders in addition to unpaid dues to lessors and employers.
1,500 cr Emergency funding required
150 crore will be infused by consortium , lead by sbi for now.
90 No. of aircraft grounded due to non-payment of dues.
Indian oil corporation stopped fuel supply for two days.
Experts state that bankers need to exercise adequate caution so as to avoid legal conflict.
Brokerage firm SBI CAPS states thatas per RBI circular stands down, reolutionplan that involved equity conversion could be subject to extended litigation by existing sponsor as well as shareholders.
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