Monday, March 11, 2019

PNB awaits SBI resolution plan on Jet Airways

Mumbai: Punjab National Bank, the second largest lender to troubled Jet Airways along with other overseas lenders are awaiting a resolution plan being worked out under the aegis of the State Bank of India, the largest lender to the country’s second largest private sector aviation company.
The state-owned lender has not granted any new credit to the airline.
“SBI is the lead bank, which is (in the process of) finalising the resolution plan. PNB will take the final call after going through the resolution plan,” Rajeev Puri, general manager (zonal manager – Mumbai), Punjab National Bank told ET.
“PNB has not committed anything new to Jet Airways. For now, we have not extended any interim credit,” he said.
“No fresh document has been signed between the lender and borrower.”
“No fresh document has been signed between the lender and borrower.”
Earlier, markets were rife with speculation that the bank has extended more than Rs 2,000 crore fresh loans to the aviation company.
11/03/19 Saikat Das/Economic Times

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