NCLAT directs Jet ownership transfer to Jalan Kalrock team
NCLAT) on Tuesday directed the monitoring committee of Jet Airways to complete the transfer of the airline's ownership to Jalan Kalrock Consortium (JKC) within 90 days. It also directed JKC to obtain an air operator's certificate within this period. The tribunal also allowed the adjustment of the performance bank guarantee (PBG) of ₹150 crore towards the first tranche payment of ₹350 crore.
JKC's counsel said, «NCLAT has approved the implementation of the resolution plan as originally approved without any deviations and has given directions to lenders for specific and immediate implementation.» Jet Airways did not comment on the tribunal's orders till press time. «The PBG of INR 150 crore, which is lying with the monitoring committee, shall be adjusted towards the first tranche payment of Rs 350 crore as INR 200 crore has already been paid by the SRA,» said the NCLAT.
JKC had deposited ₹200 crore in two tranches by September last year. The lenders had argued that JKC had not complied with the conditions of the resolution plan, ranging from payment of airport dues to payment of the first tranche, and hence could not transfer the ownership of the airline.
JKC had contended that it was willing to comply with the resolution plan conditions, but the SBI-led consortium of lenders was determined to prevent the transfer of ownership of the airline. The NCLAT also directed to set aside workmen's and employees' shares out of the first tranche payment. «Out of the first tranche payment of INR 350 crore, payments shall be
