While, the pilots and engineers unions want to be made party to the case, the representatives of two Dutch firms want the tribunal's nod to make an intervention petition.
This is the 13th consecutive trading day fall for Jet Airways, which has tumbled nearly 81 per cent during this period.
The airline has been having negative networth for long and has run a loss of over Rs 13,000 crore in the past few year.
The scrip plummeted 40.78 per cent to close at Rs 40.45 on the BSE. During the day, it tanked 52.78 per cent to hit an all-time low of Rs 32.25.
The BSE gauge swung nearly 300 points before settling 85.55 points, or 0.22 per cent, higher at 39,046.34. The index hit an intra-day high of 39,167.83 and a low of 38,870.96.
Jet Airways stock fell for the 12th consecutive day and plunged 14.93 per cent to a multi-year low of Rs 58.10 on the BSE.
Jet Airways losing its valuable possessions as well as the terms set by lenders have dispirited potential investors, believe industry analysts.
An official response from SBI spokesperson is awaited on the decision to start bankruptcy proceedings against the airline.
The new aviation mister didn’t specify the measures the government will bring in to overcome the temporary glitch or spoke about the revival of Jet Airways.
According to a circular issued by NSE, the decision was taken as a part of preventive surveillance measures to curb excessive volatility.
NSE cited the company's failure to submit financial results for the year ended March 31 as reasons for its decision.
After the note was recovered, the flight made an emergency landing at the Ahmedabad airport on October 30, 2017.
On the traded volume front, 18.10 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.
He was arrested in October 2017 after the plane made an emergency landing at the Ahmedabad airport.
The International Air Transport Association (IATA) is a grouping of nearly 290 airlines. Jet Airways, Air India, SpiceJet and Vistara are among the members.