The NCLAT, the insolvency appellate tribunal, ruled on Monday that the implementation of the Jalan-Kalrock consortium’s Jet Airways resolution plan would be contingent on the outcome of the appeals filed before it.
A two-member bench of the National Company Law Appellate Tribunal (NCLAT) stated they would have to abide by the results of the appeals filed before it while hearing a batch of petitions against the NCLT ruling approving Jet Airways’ resolution plan.
“We set these Appeals for July 5, 2022, and make it plain that the resolution plan’s implementation will be guided by the outcome of these Appeals,” stated the NCLAT bench, which is chaired by Justice Ashok Bhushan.
A group of petitions filed by the Association of Jet Airways Aggrieved Workers, Punjab National Bank, TLD MEAI FZE, Jet Aircraft Maintenance Engineers Welfare Association, Bhartiya Kamgar Sena, and Concor Air led to the NCLAT’s decision.
"These appeals were submitted in response to the Adjudicating Authority's (NCLT) approval of the resolution plan in an order dated June 22, 2021. The effective date has been set for May 28, 2022, and the plan's implementation process has commenced, according to the information presented to us "NCLAT stated.
The Appellants’ counsel voiced concern that if their claim is approved and the plan is followed, their claim may not be met by Jet Airways’ Successful Resolution Applicant, according to the NCLAT judgement.
The aviation regulator DGCA revalidated Jet Airways’ air operator licence earlier this month, opening the path for the airline’s rebirth after it was grounded in April 2019 owing to financial difficulties.
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