Jet Airways insolvency case: payment deadline extended to Sep 30

 The National Company Law Appellate Tribunal (NCLAT) has extended the time for Jalan-Kalrock Consortium (comprising of Kalrock Capital and Murari Lal Jalan) for payment of Rs 350 crore to lenders of the bankrupt Jet Airways until September 30. However, the NCLAT order is yet to be uploaded to the tribunal's website.

A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards the amount of Rs 350 crore.

The consortium submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by 31 August and another Rs 100 crore by 30 September.

For the remaining Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose.

The Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process.

Earlier, the consortium was to pay Rs 350 crore to the lenders by 31 August but had sought an extension for making the payment.

The NCLAT had reserved its order on 21 August.

While the consortium emerged as the winning bidder under the insolvency resolution process, the ownership transfer has been hanging fire amid continuing differences between lenders and consortiums.