Jet Airways' lenders want Jalan-Kalrock to reveal funds
AVIATION & AIRPORTS

Jet Airways' lenders want Jalan-Kalrock to reveal funds

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.

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.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement