Jalan-Kalrock blocking sale of grounded Jet aircraft: Ace Aviation to NCLAT

livemint.com:

₹50 crore and brought the remaining ₹350 crore out of the total ₹400 crore for the aircraft purchase. He also pleaded that the asset's valuation of the parked aircraft is declining due to the ongoing deadlock between the lenders and consortium. The petitioner requested the court to issue a notice to Jalan Kalrock, but it refused, saying it wanted to settle the ownership case between the creditors and JKC by the end of August.

The tribunal will hear the matter next on 6 September. Ace Aviation approached the NCLAT after its plea seeking permission for the purchase of aircraft was rejected by the NCLT Mumbai bench back in July. The NCLT in its order stated that either allowing the sale of the aircraft or restraining the sale would lead to the reopening of the duly approved resolution plan.

Since the sale process was kept in abeyance by the lenders and the monitoring committee, it is their responsibility to clear the deadlock as it has arisen post the approval of the resolution plan. The company's letter of intent for the purchase of the grounded Jet Airways aircraft was approved by the CoC, but it was put on hold due to the legal tussle between the Jalan Kalarock Consortium and creditors. Meanwhile, the CoC challenged the transfer of ownership to the Jalan Karlock Consortium.