28 C
Guwahati
Tuesday, October 8, 2024

Jet Airways case: NCLAT to pass order on Jalan Kalrock Consortium’s plea against SBI on May 30

- Advertisement -
- Advertisement -

- Advertisement -

NEW DELHI, May 22 (PTI): In the Jet Airways case, appellate tribunal NCLAT 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. Amid continuing differences between lenders of bankrupt-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.
Debt-ridden Jet Airways, 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 National Company Law Appellate Tribunal (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.

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.
Appearing for SBI, senior advocate Gopal Jain said the consortium was to pay the money by May 15 but the bank has not received any money.
Prasad 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.
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.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.thehillstimes.in
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
7 Places To Visit In Shillong For Couples At Night South Indian Holiday Ideas For October 8 Famous Hills To Visit In Meghalaya In October 9 Must Visit Places In Kerala In October 9 South Indian Egg Recipes For Breakfast