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Jalan Kalrock Consortium, successful resolution applicant of the defunct Jet Airways on Monday got an extension from the National Company Law Appellate Tribunal (NCLAT) to make the payment of ₹350 crore to its lenders. The appellate tribunal has granted time till September 30 to make the payment.
The appellate tribunal has also permitted an adjustment of ₹150 crore from an existing performance bank guarantee towards the ₹350-crore payment. The case will now come up on October 4 for further consideration.
The consortium sought an extension of time until September 30 to pay ₹350 crore. They intend to deposit ₹100 crore by August 31 and another ₹100 crore by September 30. They have urged the Committee of Creditors (CoC) to utilize a performance bank guarantee (PBG) of ₹150 crore towards the remaining amount.
The NCLAT will now address pending pleas, including one by workmen seeking to recover around ₹224 crore, after September 30. The CoC objected to encashing the bank guarantee. The consortium argued that they have the authority to modify the terms of the Request for Resolution Plan (RFRP) to adjust the performance bank guarantee towards the ₹350 crore payment.
Revival urge
The consortium, however, emphasised their commitment to restarting Jet Airways. They have urged the CoC to initiate regulatory procedures for transferring ownership.
The consortium’s proposed payment schedule was presented on August 18, and the appellate tribunal requested an official application within 24 hours. Jet Airways was grounded in April 2019 due to substantial losses and debts of about ₹8,000 crore. In October 2020, the CoC endorsed the revival plan from the Jalan-Kalrock consortium.
Lenders noted that while they have a claim of nearly ₹8,000 crore against the airline, the consortium is facing difficulty in paying the ₹350 crore. Out of this amount, ₹175 crore is allocated to clear the airline’s dues at the airport, and the remaining sum is intended to settle the airline’s debts to lenders.
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