Now, Jet lenders ask JKC to produce flying permit
₹200 crore deposit and simultaneous appeals for urgent hearing at the Supreme Court. JKC has said that the funds are sought for equity issuance in the airline, an action not yet executed by the lenders.
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. JKC had completed the transfer of money to the lenders as per NCLAT's directive instruction.
According to the payment schedule, approved by the NCLAT on 28 August, JKC was required to pay ₹200 crore to the lenders. The NCLAT had instructed them to pay the due amount of ₹350 crore by 30 September, with ₹150 crore to be encashed from the performance bank guarantee.
However, lenders voiced concerns about the consortium's source of funding, hinting at potential money laundering on 4 October. 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. On 22 June 2021, the NCLT approved the resolution plan for Jet Airways.Milestone Alert!
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