Jet Airways, once India's biggest private carrier, stopped flying in April after running out of cash

The National Company Law Tribunal (NCLT), country's bankruptcy court, on Thursday accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues.

The insolvency process will allow lenders to sell the company as a whole or in parts, laying out a fixed timeline for a resolution around its future.

Jet Airways, once India's biggest private carrier, stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.

The tribunal urged resolution professionals to try and finish the process in three months, and submit fortnightly progress reports, saying the matter was of national importance.

Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium. The Mint on Wednesday reported that lenders had named Ashish Chhawchharia of Grant Thornton India as the resolution professional.

Sources told Reuters earlier this week that Jet's pilots and cabin crew, who are owed at least Rs 400 crore ($57 million) in unpaid salaries from January to May, had also sought legal advice on filing an insolvency petition.