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    Jet Airways IBC case: PNB alleges gross irregularity in RP conduct, seeks stay of Kalrock-Jalan resolution plan

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    Jet Airways IBC case: PNB alleges gross irregularity in RP conduct, seeks stay of Kalrock-Jalan resolution plan

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    Punjab National Bank (PNB) on Thursday alleged gross irregularity in the conduct of the resolution professional (RP) while seeking a stay of Kalrock-Jalan plan in the Jet Airways Insolvency and Bankruptcy Code (IBC) case.

    Punjab National Bank (PNB) on Thursday alleged gross irregularity in the conduct of the resolution professional (RP) while seeking a stay of Kalrock-Jalan plan in the Jet Airways Insolvency and Bankruptcy Code (IBC) case.
    National Company Law Appellate Tribunal (NCLAT) has agreed to hear the PNB plea and issued notice on citing irregularities. It will consider arguments on the grant of stay at the next hearing.
    NCLAT is scheduled to hear the case on September 21, 2021.
    PNB had invoked their share pledge before the IBC, so the RP reduced the debt of PNB by the value of the shares invoked. PNB is saying they want the shares and also want their full debt in the IBC process.
    Earlier, sources informed CNBC-TV18 that Jet Airways is aiming to resume flights in Q1 of 2022. So far, the bulk of the hiring has taken place for the engineering and maintenance departments and the airline has also hired senior officials and mid-management executives, sources said.
    Overall, the airline plans to hire at least 1,000 employees in the first phase of its revival, sources added. However, the hunt for CEO is still on and the airline has shortlisted candidates from across India and overseas, sources added.
    The airline’s resolution plan, proposed by Jalan-Kalrock Consortium, received nod from the National Company Law Tribunal on June 22 and the airline was asked to engage with the government authorities for the slots at domestic airports.
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