Turbulence ahead for Jet Airways? Lenders approach NCLAT seeking stay on carrier’s transfer to Jalan-Kalrock Consortium
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, 2023-01-25 03:24:48,
Turbulence ahead for Jet Airways? Lenders approach NCLAT seeking stay on carrier’s transfer to Jalan-Kalrock Consortium
Photo : BCCL
The transfer of the ownership of the grounded airline to the consortium was approved by the NCLT on January 13. The nod came despite the lenders’ contention that JKC had not fulfilled all condition precedents (CPs) which include securing Jet Airways’ domestic flight slots and international traffic rights.
The NCLT, in its order, has granted time till May to the winning bidder to clear the dues of lenders, trader creditors and employees. The tribunal had allowed JKC’s plea and set November 16, 2022, as the effective date for the resolution plan.
Worth mentioning here is that the lenders to the grounded carrier have approached the NCLAT at a time when the
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