Jet Airways News– On March 12, NCLAT had upheld the resolution plan of the defunct Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
The Supreme Court will on Wednesday (October 16) pronounce its verdict on a petition filed by lenders of cash-strapped Jet Airways challenging the NCLAT order allowing the transfer of ownership of the airlines to the successful resolution applicant (SRA).
The hearing on the petition filed by State Bank of India (SBI) and other lenders was completed on October 16 and a bench of Chief Justice of India DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra reserved the verdict.
The petition challenges the decision of the National Company Law Appellate Tribunal (NCLAT), which upheld the resolution plan of Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
On March 12, the NCLAT upheld the resolution plan of the defunct Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC). Also, the Appellate Tribunal had directed the monitoring committee of Jet Airways to complete the ownership transfer process within 90 days.
Apart from this, NCLAT had also ordered the lenders of Jet Airways to adjust Rs 150 crore deposited by the consortium as performance bank guarantee (PBG). SBI, Punjab National Bank (PNB) and JC Flowers Asset Reconstruction Private Limited had challenged this decision of NCLAT dated March 12 in the Supreme Court.
Rs 4783 crore was to be paid
As per the resolution plan, Jalan Kalrock Consortium was to pay Rs 4783 crore and Rs 350 crore was to be put in the first installment of payment as agreed. In its January 18 order, the Supreme Court set aside the NCLAT’s August 8, 2023 decision, which allowed SRA to adjust the first installment of payment of Rs 350 crore against the Performance Bank Guarantee (PBG), which was given as security by the lenders.