Jalan Kalrock Consortium deposits another ₹100 crore in Jet Airways under revival plan

Jalan Kalrock Consortium (JCK) said it has deposited ₹100 crore in Jet Airways in less than 48 hours of the National Company Law Appellate Tribunal (NCLAT) allowing implementation of the revival plans, PTI reported on Thursday.

The JCK, the winning bidder for the revival of grounded carrier Jet Airways, has so far invested ₹250 crore in the airline.

“With this infusion, JKC has now invested ₹250 crore in Jet Airways and now is only required to fund the remaining ₹100 crores in Jet Airways by September 30, 2023, to take control of the airline,” the consortium said in the statement.

The three member NCLAT bench on Monday accepted the plea of the consortium to extend the timeline and also for adjustment of ₹150 crore from performance bank guarantee (PBG) towards payment of ₹350 crore.

The consortium had submitted an undertaking before the appellate tribunal, in which it had committed to pay ₹100 crore by August 31, 2023 and another ₹100 crore by September 30, 2023.

Earlier on August 21, 2023, Additional Solicitor General N Venkatraman, appearing for the lenders opposed the encashment of the performance bank guarantee (PBG).

The Additional Solicitor General also opposed the extension and said that half of ₹350 crore will go towards clearing the regulatory dues.

Senior advocate Vikas Singh, who was also appearing for the Committee of Creditors (CoC), said the total dues four years before was ₹7,800 crore when Jet Airways stopped flying and now, it has touched almost ₹12,000 crore.

The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Appellate Tribunal approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented.

Jet Airways has not flown since April 17, 2019.