BackShare resolution plan info with Jet Airways' employees: NCLAT to Jalan-Kalrock
The latest direction came on a plea filed by the Association of Aggrieved Workmen of Jet Airways (India) Ltd, which had sought a copy of the approved resolution plan
PremiumThe Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, was directed by the National Company Law Appellate Tribunal (NCLAT) on Thursday to share with the airline's employees the portions of the resolution plan pertaining to their claims.
The latest direction came on a plea filed by the Association of Aggrieved Workmen of Jet Airways (India) Ltd, which had sought a copy of the approved resolution plan.
"NCLAT has directed that there is no confidentiality with respect to the resolution plan after its sanction by NCLT. In respect of workmen and employees, that portion of the resolution plan shall be furnished to the appellants and this order is directed against the successful resolution applicant," KS Ravichandran, who represents the association, was quoted as saying by news agency PTI.
The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock Consortium's resolution plan in June 2021.
A two-member NCLAT bench, headed by Chairman Justice Ashok Bhushan, said as the consortium's resolution plan for the airline has already been approved by the NCLT, the plan "is no more confidential" and a copy should be provided to the aggrieved person.
"We are not inclined to issue a direction to provide the entire resolution plan to the appellant for hearing. We, however, are fully satisfied that the appellant is entitled for the relevant part of the resolution plan to the claims of the workmen and employee," the NCLAT said.
Further, the appellate tribunal directed that the part of the resolution plan which deals with claims of workmen and employees should be given to the association within "three weeks from today".
The NCLAT's detailed judgement on the matter is expected soon, while for now, it has made an oral pronouncement.
In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan.
With inputs from agencies.
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