Founder chairman Goyal and his family own 52 percent in the airline now which he had agreed to pare down to 22 percent to secure a financial bailout.
While the deadlock over the resolution plan for Jet Airways continues, the distressed airline’s lenders are confident that a breakthrough is likely to come soon.
A top State Bank of India official, who declined to be identified, said on March 15 that a comprehensive plan is being worked out, and is likely to be finalized within a week. The official also said that the lenders wish to keep the airline operational.
"It is by desire that this airline keeps running, that is the fundamental difference between this and other NPA accounts," the official said. "We are hopeful to have a resolution in one week."
Jet Airways has debts of over Rs 8,000 crore of which it needs to repay Rs 1,700 crore by the end of March. It has already defaulted twice on its repayments and almost half of its fleet has been grounded due to the non-payment of its debt to lessors, and a want for spare parts.
The lenders are in talks with Chairman Naresh Goyal and Etihad Airways, which has a 24 percent stake in Jet. SBI is lead lender.
On whether there is an emergency funding being arranged to fix current needs, the official said that everything will be a part of a comprehensive solution. "We need a comprehensive solution and not patchwork," the senior official said.
The official added that the lenders started the effort on resolution of this company in November. "We have to align and take care of all stakeholders. The situation is so complex in any corporate account so it will take time," the official said.
On March 14, Bank of India MD & CEO Dinabandhu Mohapatra also said that the lenders were hoping for a resolution soon. He added that all stakeholders need to pitch in for the resolution as there would not be any loans given on a standalone basis. BOI, he said, would also support the resolution plan that is being led by SBI.Punjab National Bank head Sunil Mehta had also said on March 14 that while no fresh loans were being extended to Jet Airways, the lender would support SBI-led debt resolution plan for the airline.