The Mumbai bench of National Company Law Tribunal (NCLT) on Thursday, admitted petition filed by the State Bank of India (SBI) for resolution of Jet Airways under the Insolvency and Bankruptcy Code (IBC).

The NCLT also directed the Interim Resolution Professional (IRP) take control of the airlines' assets and resolve the matter in 90 days citing it as a matter of national importance. The IRP will have to submit a status report on a fortnightly basis.

Further, judgement by Netherlands court on Jet's liquidation was rejected by the insolvency tribunal.

SBI, along with 26 other banks, all lenders of Jet Airways, had filed insolvency petition under Section 7 of IBC. The troubled airline, which discontinued its operations in April after running out of cash to run operations, owes over Rs 8,000 crore to these banks. The decision was taken at their meeting on Monday, after failing to come up with a revival plan in over five months.

The lenders made several attempts to revive the airline. Talks were held with Etihad and the Hinduja Group, the two bidders interested, but there were no formal proposals made.

Shares of Jet Airways surged by a massive 150 percent in intraday trade on hopes of a positive outcome from the NCLT hearing.