NCLAT ordered the implementation of Jalan-Kalrock consortium resolution plan for Jet Airways would be subject to the outcome of its order over the appeals filed before it. While hearing a batch of petitions against the NCLT order approving Jet Airways’ resolution plan, a two-member bench of National Company Law Appellate Tribunal (NCLAT) said they would have to abide by the
All India Jet Airways’ Officers and Staff Association has filed an appeal before the NCLAT against Jalan-Kalrock consortium’s resolution plan for the airline. In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai
The Jalan Kalrock Consortium has approached the National Company Law Tribunal (NCLT) New Delhi to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways. The new owners of the airline want to start paying all stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways as per the plan approved by the
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)
Jet Airways employees have rejected the Kalrock-Jalan consortium’s offer under the resolution plan and have challenged the plan in the National Company Law Appellate Tribunal. Kalrock-Jalan consortium proposed a sum of Rs 52 crore to settle admitted employee claims of Rs 1,265 crore. Bharatiya Kamgar Sena (BKS) and Jet Airways Cabin Crew Association, on August 18, filed an appeal against
