You are here: Home » Companies » News
Business Standard

NCLT rejects applications seeking copy of Jet Airways' resolution plan

In January, the Jet Airways Aircraft Maintenance and Engineers Workers Association (JAMEWA) had filed an application in the NCLT to expedite the insolvency process of the grounded airline

Topics
NCLT | Jet Airways

Press Trust of India  |  Mumbai 

Jet Airways

The National Company Law Tribunal (NCLT) on Tuesday rejected applications filed by various parties seeking a copy of the resolution plan submitted by winning bidder Kalrock-Jalan Consortium for grounded

The Mumbai bench of NCLT, chaired by Mohammed Ajmal and V Nallasenapathy, dismissed pleas by various applicants seeking a copy of the resolution plan submitted by Kalrock-Jalan consortium for the grounded airlines.

On Monday, the tribunal had also rejected applications of five employee unions who had appealed to see the resolution plan.

In January, the Aircraft Maintenance and Engineers Workers Association (JAMEWA) had filed an application in the to expedite the insolvency process of the grounded airline.

The application had urged the tribunal to hear applications that it deems necessary in order to complete the Corporate Insolvency Resolution Process (CIRP), the delay of which will cost further loss to the company and thousands of workers of the airline.

In October 2020, the committee of creditors (CoC) of the grounded airlines had approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan, under the insolvency resolution process.

The plan was approved after the conclusion of the e-voting on the proposal, Resolution Professional Ashish Chhawchharia had said in a BSE filing.

"The resolution submitted by Murali Lal Jalan and Florian Fritsch has been duly approved by the CoC under Section 30(4) of the Code (Insolvency and Bankruptcy Code) as the successful resolution plan," said the filing.

The carrier was admitted to the in June 2019, and the CoC has met 16 times since then.

The airline, which ceased all operations in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure.

The had on June 20, 2019, admitted the insolvency petition filed by the lenders' consortium led by State Bank of India against Jet Airways.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 20:30 IST
RECOMMENDED FOR YOU