NEW DELHI: In a major win for the successful bidders of grounded airline Jet Airways, the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of the Jalan Kalrock consortium (JKC) and gave it more time to pay dues to the creditors.
The two sides -- JKC and creditors -- are having an ongoing dispute over the transfer of ownership of the airline on grounds of not meeting the agreed terms passed in the cleared resolution plan. A two-member bench of Pradeep Narhari Deshmukh and Shyam Babu Gautam noted the effective date of the resolution plan has been taken as November 16, JKC will get six months from the said date to make the payments to the lenders.
The consortium will now have time till mid-May 2023 to make the payments to all the creditors, including workmen and employees. Counsel for the lenders had sought a two-week stay on the order, but the plea was rejected by the tribunal.
So far, the JKC has deposited bank guarantees worth Rs 150 crore with the lenders. As per the resolution plan, it has to make payments of Rs 185 crore to creditors within 180 days from the effective date.
“The NCLT has ordered the transfer of ownership of Jet Airways to JKC in compliance with the resolution plan the tribunal previously approved. We await the detailed judgment that follows this order to provide further details, if any, on the matter…. look forward to bringing joy back to the skies,” said JKC in a statement on Friday.