Jet Airways' lenders want Jalan-Kalrock to reveal funds

06 Oct 2023 CW Team

Lenders to Jet Airways have raised concerns over the source of the $200 crore payment made by the Jalan-Kalrock consortium, the prospective owners of the troubled airline, as part of their initial payment to acquire control of the airline. Legal representatives for the lenders presented their case before the National Company Law Appellate Tribunal (NCLAT) in Delhi, asserting that Jalan-Kalrock consortium (JKC) must disclose the origin of these funds as an essential aspect of the resolution plan. Furthermore, they emphasized that the funds should originate directly from JKC, rather than a third party.

To address this issue, the lenders have also submitted a petition before the National Company Law Tribunal (NCLT) in Mumbai. Jet Airways has remained grounded since April 2019 due to financial difficulties, including an inability to cover its daily operational expenses.

The NCLAT has instructed Jet Airways' committee of creditors, led by the State Bank of India (SBI), to file their objections in response to the compliance report submitted by JKC. The next hearing on this matter is scheduled for October 12.

This development underscores the ongoing complexities surrounding the revival and ownership transition of Jet Airways, a matter of significant interest to various stakeholders, including creditors, investors, and the aviation industry at large.

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