Appellate Tribunal refuses to stay the sale of three Jet Airways aircraft
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NCLAT also rejected the petition of All India Jet Airways Officers and Employees Association challenging the NCLT order. NCLAT said that delay in the sale of the aircraft would further reduce their value, which would not be in the interest of Jet Airways.
New Delhi. Insolvency appellate tribunal NCLAT has rejected a plea by Jalan Kalrock Alliance, the successful bidder of Jet Airways. In this, a request was made to ban the sale of three Jet Airways aircraft. The National Company Law Tribunal (NCLT) had ordered the sale of these aircraft.
A three-member bench of the National Company Law Appellate Tribunal (NCLAT) upheld the order of the Mumbai bench of NCLT. In this order, Malta-based company Ace Aviation was allowed to sell three aircraft.
NCLAT also rejected the petition of All India Jet Airways Officers and Employees Association challenging the NCLT order. NCLAT said that delay in the sale of the aircraft would further reduce their value, which would not be in the interest of Jet Airways.
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