Jet Airways’ bidding alliance gets time from NCLAT

Jet Airways’ bidding alliance gets time from NCLAT


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It is being considered as a big relief for the winning alliance in the debt resolution process. The NCLAT, in its order, extended the payment liability deadline by removing that period from November 16, 2022, to March 3, 2023.

The National Company Law Appellate Tribunal (NCLAT) on Friday granted time to the Jalan-Kalrock combine, the successful bidder to revive the grounded airline Jet Airways, to clear its financial dues. Along with this, the appellate tribunal directed the lenders not to encash Rs 175 crore deposited as bank guarantees by the consortium. It is being considered as a big relief for the winning alliance in the debt resolution process. The NCLAT, in its order, extended the payment liability deadline by removing that period from November 16, 2022, to March 3, 2023.

During this period, the hearing on the petition filed by the borrowers was going on. It also said that the monitoring committee comprising the lenders and the consortium should jointly make efforts to restart the airline’s operations. It said resumption of Jet Airways operations is in the interest of all parties. Jet Airways has been grounded since April 2019 after being saddled with debt. The Jalan-Kalrock consortium’s bid was declared successful after the matter went into debt resolution process. But the matter has not been resolved yet. Meanwhile, the NCLAT has allowed the lenders to appoint Jet Airways on the board of directors. The next hearing of the case will be on July 12.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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