Wednesday, July 17, 2024

Ads by Google

Ads by Google

AP EAMCET round 1 seat allotment result for counselling declared: Direct link to check

Welcome To Latest IND >> Fastest World News The Andhra Pradesh State Council of Higher Education (APSCHE) has announced the Round 1 seat allotment...
HomeNewsNCLAT upholds transfer of ownership of Jet Airways to Jalan Kalrock Consortium

NCLAT upholds transfer of ownership of Jet Airways to Jalan Kalrock Consortium

Mar 12, 2024 02:40 PM IST

NCLAT had already permitted the transfer of ownership to JKC in January last year.

The National Company Law Appellate Tribunal (NCLAT) upheld the transfer of ownership of Jet Airways to Jalan Kalrock Consortium (JKC) after it had already permitted the transfer of ownership to JKC in January last year.

Jet airways Aircraft taxis for take off at Mumbai International Airport in Mumbai.
Jet airways Aircraft taxis for take off at Mumbai International Airport in Mumbai.

What NCLAT said on Jet Airways? The appellate tribunal directed lenders to effect the transfer in 90 days. It also asked JKC to obtain an air operator’s certificate by the end of this window. Earlier it had given more time to pay 175 crore to SBI as 107 days had passed since NCLAT’s order allowing transfer of ownership. 

Hindustan Times – your fastest source for breaking news! Read now.

Read more: US recession possible? JPMorgan’s Jamie Dimon says not ‘off the table’. Explains

This comes as the legal tussle over the transfer of ownership of the airline continues between JKC and the lenders of Jet Airways. In January, the Supreme Court refused to interfere in other issues but set aside the order of the NCLAT permitting JKC to adjust 150 crore from its bank guarantee. The apex court also ordered JKC to deposit 150 crore in a designated account.

Read more: Vishal Mega Mart planning $1 billion IPO: Report

Jet Airways was grounded in 2019 amid financial troubles and its biggest lender State Bank of India (SBI) initiated insolvency proceedings against the company before NCLAT. Jet Airways subsequently admitted to the resolution process and in 2021 emerged as the successful resolution applicant to re-commence the operations of the airline.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.