Ace Aviation asks NCLAT to hear appeal on Jet plane case in 2 weeks

livemint.com:

₹50 crore and had brought the remaining ₹350 crore of the total ₹400 crore for the aircraft purchase. In previous proceedings, Ace Aviation had argued that the asset valuation of the parked aircraft was declining due to the ongoing deadlock between the lenders and the consortium.

In a related development of JKC versus lenders State Bank of India-led lenders, the NCLAT had on 28 August provided a lifeline to Jet Airways by granting the successful bidder time till 30 September to clear dues worth ₹350 crore. Within 48 hours of the order, JKC announced that they had released the first instalment of ₹100 crore to lenders.

According to the payment schedule approved by the NCLAT, JKC was required to pay ₹200 crore to lenders by 30 August, with the remaining ₹150 crore to be encashed from the performance guarantee. While lenders did not oppose the extension of time, they objected to the encashing of the bank guarantee.

Additionally, JKC filed a caveat in the Supreme Court to safeguard its interests in the event of lenders moving the top court against the NCLAT’s interim ruling. The next hearing in the NCLAT for this case is expected to be held on 4 October.