JKC has not paid any money, resolution plan not implemented: Jet Airways' lenders

livemint.com:

Jet Airways said on Friday, September 22, that it has not received any money from the Jalan Kalrock Consortium (JKC). The lenders also said that the insolvency resolution plan is yet to be implemented, according to a report by business daily Economic Times. The consortium has however claimed that it will have to shell out additional amount than what was approved if Punjab National Bank’s additional liability ₹202 crore is accepted.

The matter has been scheduled for hearing on October 3, 2023, the report added. JKC, the winning bidder for the revival of the grounded carrier, had earlier said it has deposited ₹100 crore in Jet Airways, taking the total investment in the airline to ₹250 crore, according to the report. Earlier this month, Jet Airways founder Naresh Goyal was sent to 14-day judicial custody in a ₹538 bank fraud case, news agency PTI reported.

The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office in Mumbai. The 74-year-old businessman was produced before the court at the end of his ED remand. Goyal was sent to judicial custody by the court as no further remand was sought by the probe agency.

Goyal has been alleged for siphoning off funds from India to overseas by creating various trusts and using them to buy properties. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita, and some former company executives in connection with an alleged ₹538-crore fraud case at Canara Bank. The FIR was registered on the government lender's complaint which alleged it sanctioned credit limits and loans to Jet Airways