INSUBCONTINENT EXCLUSIVE:
Reserve Bank of India to rescue a "sick company"
A bench of Chief Justice Pradeep Nandrajog and Justice N M Jamdar dismissed a writ petition seeking the government and the central bank be
asked to direct the consortium of banks help the cash-starved airline, which was grounded from Wednesday indefinitely
Jet Airways' last flight landed at the city airport past midnight from Amritsar and became the seventh carrier to shutter operations in the
Nedumpara, sought among other things a direction to the government and the RBI to ensure that the airline resumes operations till a
potential investor was identified
SBI-led banks had invited bids for selling anywhere between 31 and 75 per cent stake in the airline and have already received four initial
bids from Jet Airways' foreign partner Etihad Airways, the sovereign wealth fund NIIF, and two private equity funds -- TPG Capital and
banks, had also put in bids, but was asked to withdraw after the four bidders threatened to walk out
millions of passengers following flight cancellations that began since January apart from owing thousands of crores to its vendors and
the court direct RBI to convene ajoint meeting of the banks and Jet management to take emergent steps to keep the airline afloat, during the
"We cannot ask the government to rescue a sick company
The only thing we can do is that if you get a hat, we can pass it around this court room for collecting money for charity," the court said,
dismissing the petition and advised the petitioner to approach the National Company Law Tribunal.Get the latest election news, live updates
and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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