The National Company Law Tribunal’s (NCLT) Mumbai Bench on Thursday adjourned hearings in insolvency cases filed by two operational creditors — Shaman Wheels and Gaggar Enterprises — against Jet Airways to June 20, as representatives of the grounded airline were not present.

The Bench ordered the two petitioners to serve a legal notice to the company and scheduled the hearing for June 20.

The two operational creditors had filed cases against the debt-strapped airline on June 10.

‘No response’

Lawyers representing the two companies informed the court that an affidavit and letters for the hearing were sent to Jet on May 24 and June 10.

However, there had been no acknowledgement for the same.

Lawyers representing Shaman Wheels informed the court that “Two letters via private services were sent on May 24 and June 10. However, no response was received from the company.” The airline owes over ₹6 crore to Shaman Wheels and ₹53 lakh to Gaggar Enterprises.

Prior to the temporary shut down on April 17, the full-service carrier owed about ₹14,000 crore to financial and operational creditors.

The State Bank of India, the lead lender to Jet Airways, is in the midst of choosing financial investors to revive the airline. Etihad, which is a joint venture partner with a minority stake of 24 per cent in the airline, was the only bidder who had submitted a bid to maintain their position as a minority stakeholder.

Mumbai-based Hinduja Group was approached by Etihad to invest for a stake in the airline. According to one estimate, the investors will have to pump in ₹5,600 crore immediately to make the airline operational.

Meanwhile, Jet Airways hit a lower circuit on Thursday with the stock prices of the airline tanking to ₹91.95, closing down 16.71 per cent from the previous close on BSE.

On May 30, the airline had informed the exchanges that it was not in a position to declare its financial results.

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