The consortium-led by UAE-based Indian business man Murari Lal Jain, which won the bid to take over India’s grounded airline Jet Airways, hit another air pocket with the airline’s lenders reportedly approaching India’s apex court against the carrier’s ownership transfer to the Jalan Kalrock Consortium (JKC).
The State Bank of India-led consortium of lenders on Monday moved the Supreme Court (SC) against the National Company Law Appellate Tribunal’s recent order that upheld the transfer of ownership of the bankrupt airline acquired by JKC, The Economic Times (ET) reported.
The National Company Law Appellate Tribunal, in an order in March, upheld the grounded airline’s ownership transfer to the Jalan-led consortium.
An SC bench led by Chief Justice of India CJI Chandrachud is scheduled to hear the case on Monday, April 22, the ET report said.
According to the report, SBI told the apex court that the financial package offered under the Resolution Plan was Rs 47.83 billion, which is payable in tranches in five years, with the first tranche payment of Rs 3.50 billion 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 SBI petition said.
“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.India’s appellate tribunal had on March 12 directed lenders to effect the ownership transfer 90 days from today.
It also asked JKC to obtain an air operator’s certificate by the end of this window.
Follow us on
