SBI Board wanted letter of support from govt before approving Jet Airways resolution plan: Rajnish Kumar

SBI’s board members were keen on a letter of support from the government before giving nod to resolution plan of crisis-ridden Jet Airways, the bank’s former chairman Rajnish Kumar has said.

Kumar, in his book titled ‘The Custodian of Trust’, said  dealing with the Jet Airways issue was the one of the most difficult assignments that he had faced during his eventful term as the head of the country’s largest lender.

He wrote, most of the banks were extremely reluctant to support a resolution plan for Jet Airways while calling the developments with regard to the resolution plan of the Airline which unfortunately could not get through as promoters were not able to fulfill the required conditions in the stipulated time.

Kumar further said he has a little hope for the revival of the airlines because there are hardly any assets to back as its planes are mostly taken on lease and slots are the property of airports. Revivl of a grounded airline has virtually no precedence, he noted.

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