In a major relief for Jalan-Kalrock Consortium (JKC), the Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the transfer of Jet Airway's ownership to JKC, according to CNBC TV18 reports. The consortium has to settle the dues in next six months and take charge of the airline.
The consortium had asked the court for directions on taking control of the airline, but the airline claims that JKC is yet to fulfil three out of five conditions mentioned in the resolution plan.
On January 10, 2023, JKC had asked the airline monitoring committee's authorised representative Ashish Chhawcharia not to issue any communication on behalf of the grounded carrier without the approval of all the committee members. Chhawcharia had written a letter to Sanjiv Kapoor, asking him to refrain from using the title of CEO as he was only a CEO-designate.
The affairs of Jet Airways are currently being looked at by a seven-member Monitoring Committee (MC). Three representatives, each from the consortium and financial creditors, are on the panel including Ashish Chhawcharia.
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. After the Insolvency resolution process in June 2021, Jalan-Kalrock Consortium (JKC) was declared the winning bidder for Jet Airways.
The consortium had, in March last year, announced Kapoor's appointment as the airline's CEO with effect from April 4, 2022.
"Sanjiv Kapoor has been designated as the CEO of the to-be revived Jet Airways by JKC after receipt of his security clearance from the Ministry of Civil Aviation, Government of India. However, until the ownership of Jet Airways is transferred to JKC, he remains CEO-designate. His mandate is to lead 'Jet 2.0' post-handover, and he has been focused on the preparation for that," a JKC consortium spokesperson said in a statement.