{"id":21046,"date":"2022-06-01T08:00:00","date_gmt":"2022-06-01T02:30:00","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=21046"},"modified":"2022-06-01T00:12:01","modified_gmt":"2022-05-31T18:42:01","slug":"nclat-implementation-of-jet-airways-resolution-plan-subject-to-outcome-of-order","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2022\/06\/01\/nclat-implementation-of-jet-airways-resolution-plan-subject-to-outcome-of-order\/","title":{"rendered":"NCLAT – Implementation of Jet Airways resolution plan subject to outcome of order"},"content":{"rendered":"\n

The NCLAT, the insolvency appellate tribunal, ruled on Monday that the implementation of the Jalan-Kalrock consortium’s <\/strong>Jet Airways resolution plan would be contingent on the outcome of the appeals filed before it. <\/p>\n\n\n\n

A two-member bench of the National Company Law Appellate Tribunal (NCLAT) <\/strong>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. <\/em><\/p>\n\n\n\n

\"NCLAT,
image credits to ET<\/figcaption><\/figure>\n\n\n\n

“We set these Appeals for July 5, 2022, and make it plain that the resolution plan’s implementation<\/strong> will be guided by the outcome of these Appeals,” stated the NCLAT bench, which is chaired by Justice Ashok Bhushan. <\/p><\/blockquote>\n\n\n\n

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<\/em>, Bhartiya Kamgar Sena, and Concor Air led to the NCLAT’s decision. <\/p>\n\n\n\n

\"These appeals were submitted in response to the Adjudicating Authority's (NCLT) approval<\/strong> of the resolution plan in an order dated June 22, 2021.\n\n The effective date has been set for May 28, 2022, and the plan's implementation<\/strong> process has commenced, according to the information presented to us \"NCLAT stated. <\/pre>\n\n\n\n
\"\"
image courtesy – ET<\/figcaption><\/figure>\n\n\n\n
The Appellants’ counsel voiced concern that if their claim is approved and the plan is followed,<\/strong> their claim may not be met by Jet Airways’ Successful Resolution Applicant, according to the NCLAT judgement. <\/p>\n\n\n\n
The aviation regulator DGCA revalidated Jet Airways’ air operator licence <\/strong>earlier this month, opening the path for the airline’s rebirth after it was grounded in April 2019 owing to financial difficulties. <\/p><\/blockquote>\n\n\n\n
Stay Tuned and Updated with Aviationa2z! <\/p>\n\n\n\n
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NCLAT, the insolvency appellate tribunal, ruled on Monday that the implementation of the Jalan-Kalrock consortium’s Jet 2.0 plan <\/p>\n","protected":false},"author":2,"featured_media":21048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[399],"tags":[2030,556,2098,333,2360,2099,3658],"class_list":{"0":"post-21046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"tag-aviation-a2z-news","9":"tag-breaking-news","10":"tag-jalan","11":"tag-jet-airways","12":"tag-jet-airways-2-0","13":"tag-kalrock","14":"tag-nclat"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/21046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=21046"}],"version-history":[{"count":1,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/21046\/revisions"}],"predecessor-version":[{"id":21049,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/21046\/revisions\/21049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/21048"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=21046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=21046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=21046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}