Jet lenders ask JKC to clarify on probe
₹200 crore in two instalments. In response, senior counsel Mukul Rohatgi, representing JKC, argued that lenders have been demanding money at each stage, despite JKC depositing ₹350 crore. The lenders sought to consolidate all pending matters related to the case in the apex court for a joint hearing, while JKC requested separate hearing for this specific petition.
The court, at the request of both parties, has deferred the hearing to 12 October. Jet Airways’ investor Florian Fritsch is under investigation for fraud and money laundering by authorities in a small principality located between Austria and Switzerland. According to media reports, the supreme court of Liechtenstein said that the authorities seized luxury watches and cars during the investigation of fraud linked to the investor’s investment in reviving Jet Airways.
On 4 October, during the proceedings at the National Company Law Appellate Tribunal (NCLAT), lenders alleged that the money deposited by JKC may have been sourced through illegal means. The lenders also filed a new application before the Mumbai NCLT bench questioning the source of money paid by JKC. They claimed JKC had not disclosed the source of funds, asserting that according to the resolution plan, funds should come from legitimate sources.
On 29 September JKC said it had fulfilled the financial commitment of ₹350 crore and the new promoters are determined to resume operations of the airline in 2024. The JKC had completed the transfer of money to the lenders as per the NCLAT instruction. According to the payment schedules, approved by the NCLAT on 28 August, JKC was required to pay ₹200 crore to the lenders.
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