NCLAT grants JKC partial relief on Jet Airways bid terms
AVIATION & AIRPORTS

NCLAT grants JKC partial relief on Jet Airways bid terms

The National Company Law Appellate Tribunal (NCLAT) has granted partial relief to the Jalan-Kalrock Consortium (JKC) regarding payment terms for acquiring bankrupt Jet Airways. JKC, which won the bid for Jet in 2021, had appealed to NCLAT for a one-month extension to pay Rs 100 crore and adjust the Rs 150 crore performance bank guarantee.

Earlier, JKC had to pay Rs 350 crore to Jet's Committee of Creditors (CoC) by August 31. But NCLAT allowed JKC time until September 30 for the Rs 100 crore payment and said a decision on other appeals will come after that.

The CoC argued JKC hadn't met conditions like sale of Jet's BKC property for adjusting the bank guarantee. It wanted the full Rs 350 crore payment upfront. But NCLAT's ruling provides some respite to JKC as it inches closer to reviving Jet, having renewed its air operator certificate this month.
The bench said appeals by Jet's workers associations will be heard separately. Earlier, workers sought Rs 224 crore dues clearance from JKC, which agreed to only pension payments so far. The next hearing is on October 4.

The National Company Law Appellate Tribunal (NCLAT) has granted partial relief to the Jalan-Kalrock Consortium (JKC) regarding payment terms for acquiring bankrupt Jet Airways. JKC, which won the bid for Jet in 2021, had appealed to NCLAT for a one-month extension to pay Rs 100 crore and adjust the Rs 150 crore performance bank guarantee.Earlier, JKC had to pay Rs 350 crore to Jet's Committee of Creditors (CoC) by August 31. But NCLAT allowed JKC time until September 30 for the Rs 100 crore payment and said a decision on other appeals will come after that.The CoC argued JKC hadn't met conditions like sale of Jet's BKC property for adjusting the bank guarantee. It wanted the full Rs 350 crore payment upfront. But NCLAT's ruling provides some respite to JKC as it inches closer to reviving Jet, having renewed its air operator certificate this month.The bench said appeals by Jet's workers associations will be heard separately. Earlier, workers sought Rs 224 crore dues clearance from JKC, which agreed to only pension payments so far. The next hearing is on October 4.

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?