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. Indian financial newspaper 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 4 billion rupees (£45 million) in unpaid salaries from January to May, had also sought legal advice on filing an insolvency petition.
(Reporting by Abhirup Roy in Mumbai,writng by Chandini Monnappa in Bengaluru; Editing by James Emmanuel)