Explorer

Jet Airways Bankruptcy: NCLAT To Pass Order On Jalan-Kalrock Consortium's Plea Against SBI On May 30

Amid continuing differences between lenders of Jet Airways and the consortium, the NCLAT asked both parties to cooperate with each other for implementation of the resolution plan for the airline

The National Company Law Appellate Tribunal (NCLAT) in Jet Airways bankruptcy case on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore, the PTI reported.

Amid continuing differences between lenders of Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline.

Crisis-hit Jet, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier.

On Monday, a two-member bench of the NCLAT concluded its hearing on the interim application moved by the consortium against SBI, the lead lender for Jet Airways, regarding encashment of the guarantees.

ALSO READ | Go First Crisis: NCLAT Upholds Insolvency Order, Asks Lessors To Move To NCLT

The appellate tribunal said it will pass the order on the consortium's petition on May 30 and said "both the parties will have to take steps ahead for implementation of the resolution plan".

Senior Advocate Ravi Shankar Prasad representing the consortium said it will deposit Rs 50 crore in an escrow account and requested NCLAT to direct SBI not to encash the performance bank guarantees submitted by it. He said the consortium is taking efforts for the revival of Jet Airways and added that various permissions from the home ministry and other authorities need to be taken. "We also have to appoint our own directors," Prasad said.

Senior advocate Gopal Jain, who was appearing for SBI, said the consortium was to pay the money by May 15 but the bank has not received any money.

Meanwhile, the validity of Jet Airways' Air Operator's Certificate (AOC) expired on Friday and there has been no word so far from the consortium on whether the airline has sought revalidation of the AOC. 

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Elections 2024: Maharashtra, Jharkhand Brace For Results Today In Mahayuti Vs MVA, INDIA Vs NDA Battles
Maharashtra, Jharkhand Brace For Poll Results Today In Mahayuti Vs MVA, INDIA Vs NDA Battles
Manipur Crisis: Govt To Deploy 90 More CAPF Companies, 258 Dead In Clashes Since May 2023, Security Advisor Says
Manipur Crisis: Govt To Deploy 90 More CAPF Companies, 258 Dead In Clashes Since May 2023
Delhi Pollution: AQI Drops To 'Severe' Again; Gopal Rai Urges Action Post SC Criticism On GRAP Enforcement
Delhi Pollution: AQI Drops To 'Severe' Again; Gopal Rai Urges Action Post SC Criticism On GRAP Enforcement
Jharkhand Election Results: Hemant Soren To Champai Soren — Battles Of Prestige And Revenge To Watch Out For
Hemant Soren To Champai Soren — Battles Of Families, Prestige & Revenge In J'khand Polls
Advertisement
ABP Premium

Videos

What will happen in the Maharashtra & Jharkhand Election Result 2024? | ABP NewsDelhi News: 'Rewadi Samvad Abhiyan launched' Cabinet Minister Imran Hussain says he will go amidst the publicBreaking News: Big news related to Maharashtra cash scandal | Vinod Tawde | BJP | Congress | ABP NewsUP Bypolls: Akhilesh gets angry as inspector points a pistol at him, makes a big revelation | ABP News

Photo Gallery

Embed widget