NEW DELHI: Shares of Jet Airways on Thursday vaulted a whopping 122 per cent ahead of National Company Law Tribunal order on whether the bankruptcy case will be admitted against the airline.There were huge short positions on the counter, which will not be available for trading in the F&O segment from the July series, said analysts, who suspected heavy short coverings behind Thursday's sharp upmove.There were also hopes that the NCLT order will offer some relief to the troubled airline.The scrip rose 122.21 per cent to close at Rs 73.55 on NSE."Short covering in series derivatives pushed the stock higher. It might see higher levels from here as well," said Sameer Kalra , Founder, Target Investing The National Company Law Tribunal will pass an order at 5 pm today on whether the bankruptcy case will be admitted.“Market is expecting a positive outcome at the NCLT hearing. As a result, short covering and fall in open interest mainly supported the stock on Thursday,” said Chandan Taparia, derivative and technical analyst at Motilal Oswal Securities.A total of 1.21 crore company’s shares changed hands on BSE today, up five times against the two-week average of 23.92 lakh shares.State Bank of India on Wednesday sought to initiate insolvency proceedings against Jet Airways before the dedicated bankruptcy court begins hearing the complaints of two operational creditors on Thursday.Shares of the company had plunged 18 per cent to their fresh all-time low at Rs 27 in the morning session, but surged in the second half of the session on short covering.Rising debt loads mainly cut the wings of Jet in the recent past. The consortium of 26 bankers led by State Bank of India on Tuesday took the airline, which was grounded on April 17, 2018, to India’s bankruptcy court NCLT to recover dues of over Rs 8,500 crore.Jet’s lenders have been trying to sell the company as a going concern for the past five months, but have failed to find buyers.The airline owes over Rs 10,000 crore to its hundreds of vendors, primarily aircraft lessors, and Rs 3,000 crore to around 23,000 staff who have not been paid since March, PTI reported.Overall, the company has dues over Rs 36,500 crore but negligible assets to recover the same.In last 14 financial years till FY18, the airline posted losses in nine. For the financial year ended March 2018, it reported a net loss of Rs 636.50 crore against a net profit of Rs 1,498 crore reported for the previous year. Operating profit dipped around 95 per cent YoY in FY18. That, even when net sales increased 8 per cent to Rs 24,510.70 crore.The airline is yet to announce earnings for FY19 and March quarter.