If the petition is admitted, it’s the end of the road for the airline,” said a banker aware of the development. “We are not very hopeful of recovering our dues in bankruptcy as the other liabilities are much bigger than bank loans. But, there haven’t been any announcements yet.Potential investors including the Hindujas and Etihad are insisting on wiping out the equity holdings of existing investors, including minority owners, people in the know said. Mumbai-based Shaman Wheels sells new and used passenger vehicles trucks, trailers and semi-trailers.Gaggar Enterprises is an Ahmedabad-based company that supplied packaged drinking water to the airline. It has engaged advocate Prateek Gupta to argue the case.

Source: Economic Times June 10, 2019 01:30 UTC