Jet Airways case: NCLAT grants Jalan Kalrock Consortium more time to pay dues to SBI
NCLAT was hearing consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore
- May 26, 2023,
- Updated May 26, 2023 2:14 PM IST
In the Jet Airways case, appellate tribunal NCLAT on Friday gave winning bidder Jalan Kalrock Consortium more time to pay dues to SBI.
NCLAT was hearing consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore.
Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate (AOC) expired last week and there has been no word so far from the consortium on whether the airline has sought revalidation of the AOC.
In the Jet Airways case, appellate tribunal NCLAT on Friday gave winning bidder Jalan Kalrock Consortium more time to pay dues to SBI.
NCLAT was hearing consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore.
Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate (AOC) expired last week and there has been no word so far from the consortium on whether the airline has sought revalidation of the AOC.