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Jet Airways heads into bankruptcy after failed rescue search

Lenders abandon effort to turn around India's first private airline

MUMBAI -- Jet Airways' lenders will seek bankruptcy proceedings for the debt-laden Indian carrier after failing to find investors willing to support its turnaround.

The consortium led by State Bank of India decided Monday "to seek a resolution within the IBC [Insolvency and Bankruptcy Code] process," saying "only a conditional bid was received," according to a statement by the bank.

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