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Jet Airways' lenders oppose transfer of ownership to Jalan Kalrock Consortium, file plea in NCLAT

aviation | Jan 24, 2023 11:49 PM IST

Jet Airways' lenders oppose transfer of ownership to Jalan Kalrock Consortium, file plea in NCLAT

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According to CNBC-TV18 sources, lenders contend that JKC has not met the requirements for the acquisition of Jet Airways and is trying to "avoid its obligations" under the authorised plan.

Lenders of Jet Airways have appealed the National Company Law Tribunal's (NCLAT) January 13 ruling approving the transfer of the airlines to Jalan Kalrock Consortium.

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According to CNBC-TV18 sources, lenders contend that JKC has not met the requirements for the acquisition of Jet Airways and is trying to "avoid its obligations" under the authorised plan.
The lenders claimed that JKC construed the precedent conditions in "unnatural ways to gain advantages" not envisaged by the approved resolution plan, sources said.
The NCLT previously allowed the transfer of Jet Airways’ ownership to Jalan Kalrock Consortium (JKC), which won the bid to resurrect the airline. The tribunal also approved the ownership transfer date as the starting date for the 180-day deadline of the resolution plan as November 16, which means from this date onwards, the consortium gets six months or 180 days to settle lenders’ dues.
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