NCLAT to hear Jet creditors' case on 9 Nov
₹150 crore of the committed ₹350 crore via a performance bank guarantee. In a subsequent 9 October hearing in the top court, lenders sought confirmation on allegations of fraud investigations against JKC's investor, Florian Fritsch, by European entities. JKC countered, emphasizing their compliance in depositing the promised ₹350 crore.
Fritsch is facing fraud and money laundering scrutiny in Liechtenstein, where officials reportedly confiscated luxury items linked to his Jet Airways investment. The CoC has been flagging concerns with JKC's resolution offer. On 5 July, they conveyed to the Supreme Court potential advantages in winding up Jet Airways, highlighting non-repayment and lack of investment.
Lenders have poured in public funds worth around ₹400 crore into the beleaguered airline. Jet Airways stopped flying in April 2019 after running into financial difficulties. However, ownership transfer has been hanging fire amid continuing differences between the lenders and the consortium.
According to the January order from the Mumbai bench of the tribunal, the effective date of the resolution plan was set for 16 November. Consequently, the consortium had six months from that date to make payments to the lenders. On 22 June 2021, the NCLT approved the resolution plan for Jet Airways submitted by the Jalan-Kalrock consortium.
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