NCLT allows Jet Airways ownership transfer to Jalan Kalrock Consortium: Report
New Delhi: The National Company Law Tribunal (NCLT) has given nod to transfer the ownership of grounded Jet Airways to the Jalan Kalrock Consortium (JKC), which had won the bid to revive the carrier in 2021, media reported.
An NCLT division bench of justice PN Deshmukh and technical member Shyam Babu Gautam gave the green signal to JKC’s seeking transfer of Jet's ownership in an oral order on Friday, ET reported.
Currently, the carrier’s ownership is with the monitoring committee comprising Jet's lenders, JKC executives and the court-appointed resolution professional.
The court gave its approval despite lenders' arguments that JKC had not met all conditions, according to the report.
The career is yet to secure domestic flight slots and international traffic rights, as laid down in the resolution plan, which is effective November 18.
Further, the NCLT allowed JKC six more months to clear dues even though the resolution applicant usually has 180 days to settle all creditors.
It has until May 2023 to clear all dues to lenders, other creditors and workers, the report stated.
The NCLT dismissed an oral demand by the Jet’s lenders to stay the execution of the Friday order for 14 days so that they can appeal against the ruling in the NCLAT, the report added.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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