Jet to replace ICICI with SBI as guarantor

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Jet to replace ICICI with SBI as guarantor

Jet Airways has moved the Bombay High Court to change its guarantor from ICICI Bank to State Bank of India. CNBC-TV18 has learnt that ICICI agreed to give Jet a bank guarantee of Rs 1500 crore against a collateral of Rs 1,500 crore while SBI has asked for half the amount.

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Jet Airways has moved the Bombay High Court to change its guarantor from ICICI Bank to State Bank of India .

CNBC-TV18 has learnt that ICICI agreed to give it a bank guarantee of Rs 1,500 crore against the release of money in the Escrow account. But sources say ICICI Bank asked Jet for collateral worth Rs 1,500 crore.

But unlike ICICI Bank SBI wants collateral of just Rs 750 crore or half the amount that ICICI has claimed.

Incidentally, the carriers were to file claims against each other with the arbitrator today, but haven't as yet.