NCLAT grants JKC partial relief on Jet Airways bid terms

30 Aug 2023 CW Team

The National Company Law Appellate Tribunal (NCLAT) has granted partial relief to the Jalan-Kalrock Consortium (JKC) regarding payment terms for acquiring bankrupt Jet Airways. JKC, which won the bid for Jet in 2021, had appealed to NCLAT for a one-month extension to pay Rs 100 crore and adjust the Rs 150 crore performance bank guarantee.

Earlier, JKC had to pay Rs 350 crore to Jet's Committee of Creditors (CoC) by August 31. But NCLAT allowed JKC time until September 30 for the Rs 100 crore payment and said a decision on other appeals will come after that.

The CoC argued JKC hadn't met conditions like sale of Jet's BKC property for adjusting the bank guarantee. It wanted the full Rs 350 crore payment upfront. But NCLAT's ruling provides some respite to JKC as it inches closer to reviving Jet, having renewed its air operator certificate this month.

The bench said appeals by Jet's workers associations will be heard separately. Earlier, workers sought Rs 224 crore dues clearance from JKC, which agreed to only pension payments so far. The next hearing is on October 4.

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