The National Company Law Appellate Tribunal (NCLAT) has given Jalan Kalrock Consortium an extension of 97 days to pay dues to SBI. Jalan Kalrock Consortium (JKC) emerged as the successful bidder of Jet Airways.
JKC had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues. SBI leads the group of lenders. JKC had earlier expressed interest to restart operations of Jet Airways.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate expired last week. Jet Airways stopped operating on April 18, 2019 after flying for 25 years. The insolvency proceedings against the airline started in June 2019. The NCLT approved the resolution plan by the consortium in June 2021.