Jet airways case: Lenders may appeal against NCLT order transferring ownership to Jalan-Kalrock consortium

Jet Airways CEO-designate Sanjiv Kapoor

Lenders to Jet airways may likely appeal against the order of the national company law tribunal (NCLT) allowing transfer of ownership to the Jalan-Kalrock consortium, sources told CNBC TV1-18 on January 13.

Lenders may soon move to the court with the appeal with the appeal, sources said after the NCLT’s Mumbai bench order today, according to CNBC-TV18.

The ownership transfer date will be the starting date for the 180-day deadline to settle the lenders’ dues, said the arbitration panel that adjudicates issues between companies.

The consortium has around six months to settle dues and take control of Jet Airways. ''This means equity can finally come in, and launch planning can resume. However much time has been lost, will have to be made up,'' one person familiar with the matter said, according to CNBC-TV18.

In March last year, aviation veteran Sanjiv Kapoor was appointed as the CEO of grounded Jet Airways by JKC. The monitoring committee consists of seven members: Chhawchharia as a non-voting member, three voting members selected by lenders and three voting members selected by JKC.

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.

CNBC TV-18 reported in December, citing sources, that amid uncertainty prevailing over the relaunch Jet Airways, several of its senior management executives, pilots and cabin crew have departed. Jet Airways' vice president of in-flight services, Mark Turner, has been sent on leave without pay, the persons who are privy to the development told the news channel.