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Jet Airways lenders challenge ownership transfer to Jalan-Kalrock consortium

NCLT had earlier allowed transfer of Jet’s ownership to JKC saying conditions precedent were met.

January 25, 2023 / 06:48 AM IST
A Jet Airways employee holds up a placard. (Photo: Reuters)

A Jet Airways employee holds up a placard. (Photo: Reuters)

Lenders to debt-ridden Jet Airways on January 24 moved the National Company Law Appellate Tribunal (NCLAT) opposing the ownership transfer to the Jalan-Kalrock consortium, CNBC-TV 18 reported citing sources. NCLAT is the appellate insolvency tribunal.

Lenders have filed a plea in NCLAT opposing NCLT's January 13 order that permitted ownership transfer to the consortium. Earlier, NCLT had ruled that the consortium had satisfied conditions necessary for the ownership transfer.

Jet Airways was grounded in April 2019 over piling losses and debt of about Rs 8,000 crore. In October 2020, the airline's Committee of Creditors (CoC) approved the revival plan submitted by a consortium of Dubai-based entrepreneur Murari Lal Jalan and the UK's Kalrock Capital.

had earlier reported that Jet's lenders were planning to contest the NCLT order in a higher court, citing sources.