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The National Company Law Tribunal on Friday ordered the transfer of ownership of Jet Airways to Jalan-Kalrock Consortium in compliance with the resolution plan that the tribunal had previously approved.
The National Company Law Tribunal (NCLT) has given the consortium six months from the effective date of November 16, 2022 to pay dues to various creditors. Jalan-Kalrock in a statement said that it awaits the detailed judgement that follows this order to provide further details, if any, on the matter. Jalan-Kalrock also thanked Jet Airways' lenders and all stakeholders for their continued support in its journey. The counsel for lenders had sought a two-week stay on the order, but was declined. The Jalan-Kalrock consortium has till now deposited bank guarantees worth Rs 150 crore with the lenders. According to the resolution plan, the consortium has to make cash payments of Rs 185 crore to financial creditors within 180 days from the effective date. Jet Airways founder Naresh Goyal ran the airline for more than 20 years before it went bankrupt and was shut down completely on 17 April 2019. In 2018 Jet Airways saw its worst financial times ever and the airline reported a negative financial outlook due to mounting losses. "In March 2019 it was reported that nearly a quarter of Jet Airways' planes were grounded due to unpaid lease rates. On 25 March 2019, Naresh Goyal and his wife Anita Goyal resigned from the board of directors," said a former employee of Jet Airways. (ANI)
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