The central government has asked the state-run banks to rescue Jet Airways from slipping into bankruptcy; the step comes as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

The Supreme Court on Thursday said the promoters of Jaiprakash Associates (JAL) and Jaypee Infratech (JIL) cannot bid for Jaypee Infratech, which is facing insolvency proceedings initiated by the IDBI bank before National Company Law Tribunal (NCLT).

The government is willing to make further changes to the Insolvency and Bankruptcy Code (IBC) which has become a game changer in resolving the massive non-performing assets (NPAs), or bad loans, problem of India's banks and creating a market for stressed assets, a senior official said on Friday.

Union Ministry for Corporate Affairs Secretary Injeti Srinivas on Friday said the government is ready to further amend the Insolvency and Bankruptcy Code (IBC), a game changer in creating a market for stressed assets.