{"id":28890,"date":"2023-01-25T12:47:16","date_gmt":"2023-01-25T07:17:16","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=28890"},"modified":"2023-01-25T12:47:21","modified_gmt":"2023-01-25T07:17:21","slug":"jet-airways-lenders-file-an-nclat-complaint-against-the-jalan-kalrock-consortium-exclusive","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/01\/25\/jet-airways-lenders-file-an-nclat-complaint-against-the-jalan-kalrock-consortium-exclusive\/","title":{"rendered":"Jet Airways’ lenders file an NCLAT complaint against the Jalan-Kalrock consortium | Exclusive"},"content":{"rendered":"\n

Days after the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock Consortium’s purchase of Jet Airways,<\/strong><\/p>\n\n\n\n

National Company Law Tribunal<\/h2>\n\n\n\n

, lenders to the carriers have sought a stay on it. They reached out to the NCLAT <\/a><\/strong>on Monday claiming that the winning bidder had not met certain condition precedents.<\/p>\n\n\n\n

Seeking a stay on the transfer of the carrier\u2019s ownership to\u00a0JKC, the lenders filed an appeal with the appellate bankruptcy court, about ten days after NCLT\u2019s <\/a><\/strong>approval, according to 2 people aware of the development.<\/p>\n\n\n\n

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Jet Airways | Aviationa2z.com<\/strong><\/figcaption><\/figure>\n\n\n\n

On January 13, the NCLT <\/a><\/strong>approved the consortium’s acquisition of the airline’s ownership. The lenders argued that JKC had not satisfied all condition precedents (CPs), including securing Jet Airways<\/a><\/strong>‘ domestic flight slots and international traffic rights, but the decision was maintained.<\/p>\n\n\n\n

The winning bidder has until May to pay the debts owed to lenders, trader creditors, and staff, according to the NCLT’s order.<\/p><\/blockquote><\/figure>\n\n\n\n

The tribunal accepted JKC’s request, and on November 16, 2022, the settlement process officially started. It is significant to note that the lenders to the grounded company have filed the NCLAT, and the Jalan-Kalrock Consortium is also embroiled in a separate legal issue for a Rs 250 billion payment to former Jet Airways employees.<\/a><\/strong><\/p>\n\n\n\n

Also, read <\/strong><\/p>\n\n\n\n