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regular-article-logo Thursday, 25 July 2024

Jet Airways insolvency case: NCLAT extends time till September 30 for Jalan-Kalrock Consortium to pay Rs 350 crore

A three-member NCLAT bench accepted plea of the consortium to extend timeline and also for adjustment of Rs 150 crore from performance bank guarantee towards payment of Rs 350 crore

PTI New Delhi Published 28.08.23, 05:05 PM
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The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.

A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore.

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The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023.

For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose.

Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process.

The NCLAT order is yet to be uploaded on NCLAT website.

Earlier, the consortium was to pay Rs 350 crore to the lenders by August 31 but had sought an extension for making the payment.

The NCLAT on last Monday had reserved its order.

While the consortium emerged as the winning bidder under the insolvency resolution process, the ownership transfer has been hanging fire amid continuing differences between lenders and consortiums.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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