Following the National Company Law Appellate Tribunal (NCLAT) August 28 extension granting Jalan-Kalrock Consortium (JKC) \u2013 the winning consortium for the revival of Jet Airways \u2013 time till September 30 to pay Rs 350 crore to lenders, it has deposited Rs 100 crore as payment to lenders.<\/p>\n
\u201cJKC confirms to have deposited Rs 100 Crores in Jet Airways in less than 48 hours of the NCLAT allowing implementation of revival plans,\u201d the consortium said in a statement released late Thursday evening.<\/p>\n
\u201cWith this infusion, JKC has now invested Rs 250 crores in Jet Airways and now is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the iconic airline, Jet Airways,\u201d the statement added.<\/p>\n
The consortium had earlier deposited a performance bank guarantee of Rs 150 crore towards Jet Airways\u2019 revival. In its order, the apex appellate tribunal has permitted adjusting the bank guarantee against the total payment.<\/p>\n
The airline\u2019s lenders called the Committee of Creditors (CoC) had approved the resolution plan jointly submitted by Dubai-based businessmen Murari Lal Jalan and German serial entrepreneur Florian Fritsch in October 2020. But what was supposed to be a major test of the country\u2019s Insolvency and Bankruptcy Code (IBC), 2016, instead turned into an acrimonious legal battle between the consortium and the CoC over the infusion of funds.<\/p>\n
Having deposited the performance bank guarantee with the lenders, JKC had maintained that any further infusion would be possible only after the transfer of ownership of the airline.<\/p>\n
However, the Supreme Court\u2019s July order to implement a resolution plan excluding liquidation has brought new hope for the beleaguered project.<\/p>\n
31\/08\/2023 Manish Pant\/Business Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Following the National Company Law Appellate Tribunal (NCLAT) August 28 extension granting Jalan-Kalrock Consortium (JKC) \u2013 the winning consortium for the revival of Jet Airways \u2013 time till September 30 to pay Rs 350 crore to lenders, it has deposited Rs 100 crore as payment to lenders. \u201cJKC confirms to have deposited Rs 100 Crores …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1907],"post_format":[],"flags":[],"class_list":["post-10744","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-jet-airways-aug-2023"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/posts\/10744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/comments?post=10744"}],"version-history":[{"count":0,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/posts\/10744\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/media?parent=10744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/categories?post=10744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/tags?post=10744"},{"taxonomy":"post_format","embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/post_format?post=10744"},{"taxonomy":"flags","embeddable":true,"href":"https:\/\/www.indianaviationnews.net\/home\/wp-json\/wp\/v2\/flags?post=10744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}