Jet Airways case: SBI-led lenders move SC against NCLAT's March order upholding ownership transfer to JKC

The State Bank of India-led consortium of lenders on Monday moved the Supreme Court against the National Company Law Appellate Tribunal s March order that upheld the transfer of ownership of bankrupt airline Jet Airways to Jalan Kalrock Consortium (JKC), almost a year after it permitted the transfer of ownership to JKC in January last year.

An SC bench led by Chief Justice of India CJI Chandrachud is scheduled to hear the case today.

SBI told the apex court that the total admitted claim of the financial creditor is approximately Rs 7,800 crore. The financial package offered by the SRA in the Resolution Plan was Rs 4,783 crore, which is payable in tranches in five years. The first tranche payment of Rs 350 crore was required to be made by March 21, 2022. This amount has not been paid to date despite several extensions and exclusions granted to the SRA by the NCLT, NCLAT, and SC.

The Resolution Plan has failed; the same was approved by the NCLT on 22.06.2021, however, till date even the First Tranche Payment has not been received, the appeal stated. In fact, even the NCLAT s order directing the SRA (to belatedly) create security by mortgaging Dubai properties within 30 days of its order, has not been complied with, SBI stated.

The appellate tribunal had on March 12 directed lenders to effect the transfer 90 days from today. It asked JKC to obtain an air operator's certificate by the end of this window. Before this, it had given it more time to pay Rs 175 crore to SBI as 107 days had passed since NCLAT's order allowing the transfer of ownership.

www.economictimes.indiatimes.com dt. 22.04.2024