Jet Airways Liquidation SC Order: SBI Management Shares Update - Full Statement

SBI Chair on Jet Airways Order: In the post-earning investor presentation, CS Setty, Chairman, State Bank of India (SBI) shared his take on the Supreme Court ruling that ordered the complete liquidation of Jet Airways in which the state-owned bank has nearly Rs 4,000 crore stake, a development that puts the bank’s nearly Rs 4,000 crore stake in focus. 

Responding to the query, Setty stated it was too early to comment as the management is still reviewing the ruling.

We are still studying the order: Setty

Responding to a question from Ashok Ajmera, Chairman of Ajcon Global, who inquired, "In this quarter, will we see any substantial recovery on that account, given that you have a lot of collaterals also? Can you throw some light on that account, Because it has been published in the newspapers"

Setty said, “We generally don’t talk about individual accounts and of course, this is a popular account to comment on. Ajmera Saab, it’s too early to say anything. We just received the order yesterday. We are studying. The lenders have to meet and strategize, how to go about it. We will just wait for some time on this.” 

Jet Airways Liquidation SC Order

On November 7, the Supreme Court decided to overrule the mandate of the National Company Law Appellate Tribunal (NCLAT) ordering a liquidation of the grounded aircraft carrier Jet Airways. To overrule the NCLAT order, the apex court had to have a special power to halt the transfer of Jet Airways’s ownership to Jalan Kalrock Consortium (JKC).