Jet Airways' largest lender SBI orders forensic audit from FY15

The country's largest bank SBI has ordered a forensic audit of the Naresh Goyal promoted Jet Airways from April 1, 2014 to March 31, 2018. ET Now learns EY has been appointed by SBI for the same, and the forensic audit for these four financial years is already underway.
"SBI seems to be erring on the side of caution as it was also the largest lender for Kingfisher Airlines. SBI is unlikely to consider Jet's request for debt restructuring till EY submits the forensic audit report," said a source close to the development.

Jet Airways declined to comment. SBI said it does not comment on individual accounts or their treatment.

The airline is believed to have requested SBI for a lifeline, which entails fresh funds and conversion of a part of the existing debt to equity. Jet's debt stands at over Rs 8200 cr, and it recently declared a third straight quarter of losses of nearly Rs 1300 cr. Naresh Goyal has so far been unsuccessful in finding a white knight in Tata Sons as well as its existing 24% joint venture partner Etihad.

Jet Airways had been on the brink of collase in 2013 too, and then Naresh Goyal had brought Etihad on board and ensured cash infusion of nearly Rs 3600 crore. This time round Naresh Goyal may have no choice but sell a significant par of his 51% stake in the airline he founded nearly 25 years ago. The airline has not been able to pay salaries to nearly 15% of its workforce ie primarily pilots and senior management. It has stropped free meals for economy seats, and this week announced it would be cancelling seven Gulf routes.