The National Company Law Appellate Tribunal (NCLAT) has settled the ownership dispute in the Jet Airways insolvency case, ruling in favor of the Jalan Kalrock Consortium (JKC) as the successful resolution applicant. The tribunal on Tuesday, March 12, upheld the transfer of Jet Airways' ownership to the Jalan Kalrock Consortium (JKC).
This verdict comes after a prolonged legal battle between the lenders consortium and JKC, with the NCLAT dismissing the lenders' plea challenging the ownership transfer.
Addressing the plight of Jet Airways employees, the NCLAT has ordered the payment of employees' dues from the ₹350 crore infused by JKC in the first tranche. This move aims to address the longstanding grievances of Jet Airways employees who have faced financial hardships amidst the airline's insolvency proceedings.
(This is a developing story)
