Punjab National Bank has challenged the rescue plan for Jet Airways (India) Ltd, posing a
fresh hurdle to the Jalan-Kalrock consortium’s attempt to revive the grounded carrier. The
state-run lender filed a petition before the National Company Law Appellate Tribunal
(NCLAT) on Thursday, seeking to quash a rescue plan for Jet Airways approved by the
National Company Law Tribunal (NCLT) in June.
An insolvency plea against Jet Airways, which has been grounded since April 2019, was
admitted by the NCLT in June 2019. Subsequently, the Mumbai bench of the bankruptcy
court approved an insolvency resolution plan submitted by UK’s Kalrock Capital and Dubai-
based entrepreneur Murari Lal Jalan in June 2021, which proposed to repay ₹1,183 crore to
Jet’s creditors over five years
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In the court filing, PNB said it had submitted an initial financial claim of ₹963.47 crore and a
revised claim of ₹956.11 crore, but the resolution professional overseeing the insolvency
process had reduced the claim by ₹202.09 crore. PNB further claimed the reduction of the
claimed amount was “arbitrary, illegal”and “beyond the jurisdiction” of the RP
In its filing, PNB also sought reinstatement of the deducted amount, besides an interim stay
on the NCLT approval to the resolution plan submitted by the Kalrock-Jalan consortium. The respondent to the court filing includes Ashish Chhawchharia, the resolution professional
for the insolvency process, Jalan and Florian Fritsch, members of the Jalan-Kalrock
consortium, and Jet Airways’ committee of creditors.
Mint has reviewed a copy of PNB’s NCLAT filing. A spokesperson for the lender declined to
comment. Murarilal Jalan and Florian Fritsch did not respond to emails. Chhawchharia did
not respond to calls and text messages. NCLAT agreed to admit PNB’s plea, which will
come up for hearing on September 21.
