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NCLT gives Jalan-Kalrock consortium 6 more months to pay & take control of Jet Airways – Economic Times

The National Company Law Tribunal (NCLT) on Friday gave Jalan-Kalrock consortium six more months to make payment and take effective control of Jet Airways.

NCLT had set November 16, 2022 as an effective date for the company to pay dues to various creditors.

SBI & other lenders had opposed any extension to the process.

Earlier, the consortium had asked the airline monitoring committee’s authorised representative Ashish Chhawcharia not to issue any communication on behalf of the grounded carrier without approval of all the members of the committee.

Also Read: What’s happened in the Jet Airways story so far

Amid the continuing uncertainty over the fate of Jet Airways, which shuttered operations in April 2019, the consortium on Tuesday wrote a letter to Chhawcharia.

In the letter, the consortium has also sought a copy of the relevant minutes of the MC meetings in which the matter of CEO-designate Sanjiv Kapoor was “discussed and deliberated”.In October 2020, the airline’s Committee of Creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK’s Kalrock Capital.

In June 2021, the consortium’s bid was approved under the insolvency resolution process.