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Business News/ Companies / News/  NCLAT gives Jalan-Kalrock consortium time till 30 Sep to clear 350 crore dues to Jet Airways lenders
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NCLAT gives Jalan-Kalrock consortium time till 30 Sep to clear ₹350 crore dues to Jet Airways lenders

Jet Airways was grounded in April 2019 after running into financial difficulties. However, ownership transfer has been hanging fire amid continuing differences between the lenders and the consortium.

On 22 June 2021, the NCLT had approved the resolution plan for Jet Airways submitted by the Jalan-Kalrock consortium.Premium
On 22 June 2021, the NCLT had approved the resolution plan for Jet Airways submitted by the Jalan-Kalrock consortium.

New Delhi: The National Company Appellate Tribunal (NCLAT) on Monday gave Jalan-Kalrock consortium, the successful bidder for Jet Airways, time till 30 September to clear dues worth 350 crore to lenders of the grounded airline.

The tribunal also accepted the consortium's plea to adjust 150 crore from a performance bank guarantee towards the payment of 350 crore. 

After 30 September, the NCLAT will address the remaining pleas of the case, including the one by workmen seeking recovery of their dues of around 224 crore.

On 5 July, the Committee of Creditors (CoC) of Jet Airways, led by the State Bank of India, had told the Supreme Court that it might be more prudent to wind up the airline, given they have not been repaid, and no funds infused into the debt-laden airline. Lenders have infused approximately 400 crore of public money into the airline, which includes settling airport dues.

On 13 January, the National Company Law Tribunal (NCLT) had allowed the transfer of the beleaguered airline to the consortium. However, the lenders to the airline opposed the transfer.

On 22 June 2021, the NCLT had approved the resolution plan for Jet Airways submitted by the Jalan-Kalrock consortium, comprising UAE-based non-resident Indian Murari Lal Jalan, who will hold shares in Jet Airways in his personal capacity, and Florian Fritsch who will hold shares through his investment holding company Kalrock Capital Partners Ltd., Cayman.

Jet Airways was grounded in April 2019 after running into financial difficulties. However, ownership transfer has been hanging fire amid continuing differences between the lenders and the consortium.

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Published: 28 Aug 2023, 03:23 PM IST
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