NEW DELHI: In a positive development for Jalan-Kalrock Consortium (JKC), the National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for them to pay a sum of `350 crore to the lenders of bankrupt Jet Airways.
A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of `150 crore from performance bank guarantee (PBG) towards payment of `350 crore.
The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay `100 crore by August 31, 2023, and another `100 crore by September 30, 2023.
For rest `150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. JKC had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The ownership transfer of the airline is yet to take place amid continuing differences between lenders and consortiums.
On July 10, the committee of creditors of Jet Airways had told the Supreme Court that the Jalan-Kalrock resolution plan approved by the National Company Law Tribunal (NCLT) is not working and called for the liquidation of the grounded airline. This came after the NCLAT on May 26 granted the JKC a 97 days extension to pay a guarantee of `150 core to the State Bank of India (SBI).