- विज्ञापन -
The Supreme Court is scheduled to deliver its judgment today regarding the lenders’ challenge to the ownership transfer of the bankrupt Jet Airways to the Jalan Kalrock Consortium (JKC). A bench consisting of Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra will announce the decision.
The Committee of Creditors (CoC), led by the State Bank of India, has argued that the proposed revival plan is not in the best interest of the lenders and has contested the National Company Law Appellate Tribunal (NCLAT) ruling that upheld the resolution plan.
Earlier this year, the Supreme Court ordered JKC, the winning bidder in the resolution process for the financially troubled airline, to deposit Rs 150 crore in an escrow account shared with the State Bank of India. The court warned that there would be legal repercussions if JKC failed to provide the necessary bank guarantee. Additionally, the court instructed the NCLAT to reach a decision by the end of March 2024 regarding the lenders’ objection to JKC’s ownership of Jet Airways.
As part of the court-approved resolution plan, JKC committed to inject Rs 350 crore in equity to take over the airline. The three-member NCLAT bench permitted Rs 150 crore from the Performance Bank Guarantee (PBG) to be used toward the Rs 350 crore payment. The tribunal also accepted JKC’s commitment to pay Rs 100 crore by August 31 of the previous year and another Rs 100 crore by September 30, 2023.
Jet Airways, once one of India’s largest and most renowned airlines, entered the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in June 2019 due to substantial financial difficulties.
