NEW DELHI: Falling for the 14 sessions in a row, shares of Jet Airways plunged 18 per cent to hit fresh all-time low at Rs 27 in Thursday's session.Indian lenders efforts to initiate insolvency proceedings against Jet are facing a fresh challenge, with the trustee appointed by a Netherlands court, which had last month declared the grounded airline bankrupt, seeking to intervene.
On Wednesday, they moved an intervention application in the case.
The Mumbai bench of the National Company Law Tribunal (NCLT) said it would consider the plea along with a bunch of other applications on Thursday.
State Bank of India on Wednesday sought to initiate insolvency proceedings against Jet Airways before the dedicated bankruptcy court begins hearing the complaints of two operational creditors on Thursday.
Grounded since April 17, lenders were unable to find a white knight for Jet Airways which has accumulated a debt of Rs 8,500 crore and total liabilities of more than Rs 25,000 crore.