The National Company Law Appellate Tribunal (NCLAT) on Friday gave a three-month extension to the Jalan-Kalrock consortium (JKC) to make payments to the State Bank of India (SBI).
The consortium had emerged as the successful bidder to acquire Jet Airways, which shut operations on April 18, 2019.
The JKC was earlier given a period of 180 days to make a payment of Rs 185 crore to the lenders which ended on May 15.
The SBI wanted toinvoke the bank guarantee of Rs 150 crore given by the consortium.
According to the resolution plan, the JKC was to make payments of Rs 185 crore to the creditors of the airline and Rs 250 crore to its former employees.
It was on June 2021 that the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the JKC.
However, the plan is yet to be implemented, resulting in uncertainty over the future of the airline. The consortium subsequently filed an application with the NCLAT to prevent the SBI from invoking its bank guarantee.
On March 3, 2023, the appellate tribunal directed that steps be taken for the implementation of the resolution plan by the applicant and that this should be overseen and cooperated by the monitoring committee of the lenders.