In the latest development in the Jet Airways insolvency case, the National Company Law Appellate Tribunal (NCLAT) has allowed a three-month extension to Jalan Kalrock Consortium (JKC) to make payment to lenders as per the approved resolution plan. JKC had earlier expressed interest in relaunching the airline.
NCLAT was hearing consortium's plea seeking to restrain lead lender State Bank of India (SBI) from encashing performance bank guarantees worth INR 1.5bn.
Debt-ridden Jet Airways shut down commercial operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate (AOC) has expired and there has been no word so far from the consortium on whether the airline has sought revalidation of the AOC