Jet Airways insolvency case: NCLAT grants 3-month extension to Jalan Kalrock Consortium to make payment to lenders

As per latest developments in the Jet Airways insolvency case, the National Company Law Appellate Tribunal (NCLAT) has allowed a three-month extension to Jalan Kalrock Consortium (JKC) to make payment to lenders as per the approved resolution plan. JKC had earlier expressed interest in relaunching the airline.

NCLAT restrained lenders from invoking bank guarantees provided by JKC. As per earlier effective date of Nov 16, JKC was expected to make payments before May 15. NCLAT has exempt the period between Nov 16 to Mar 3 from the 150 day window for payment . Hence, the extension to JKC.

Jet Airways suspended all its operations on April 17 2019 leaving its almost 22,000 employees in the lurch.