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
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code