The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the transfer of ownership of Jet Airways to Jalan Kalrock Consortium (JKC), almost a year after it permitted the transfer of ownership to JKC in January 2023.
The appellate tribunal directed lenders to effect the transfer in 90 days from today. It asked JKC to obtain an air operator’s certificate by the end of this window. Before this, it had given it more time to pay Rs 175 crore to SBI as 107 days had passed since NCLAT’s order allowing transfer of ownership.
The decision comes as the legal tussle over the transfer of ownership of the airline continues between JKC and the lenders of Jet Airways.
Jet Airways collapsed in April 2019. The administrators later admitted creditor claims of Rs 78 billion ($941.3 million). The State Bank of India was the Jet Airways’ biggest lender.
NCLAT also allowed the adjustment of the Performance Bank Guarantee of Rs 150 crore towards the first tranche payment of Rs 350 crore.
“The PBG of Rs 150 Crore which is laying with the monitoring committee shall be adjusted towards the first tranche payment of Rs 350 crore as Rs 200 crore has already been paid by the SRA,” NCLAT said in its order today.
