Jet Airways’ revival hopes continue to stay afloat somehow, with its winning bidders granted an extension to pay lenders their dues. The airline’s initial 180-day deadline to repay its creditors as part of the recovery plan was up. But the airline has been given one more chance to make things right.
India’s National Company Law Appellate Tribunal (NCLAT) has allowed Jet Airways’ winning bidder, the Kalrock-Jalan Consortium, more time to pay their lenders and restart the necessary procedures to bring the carrier back to life.
Jet Airways was in a precarious position as its original 180-day deadline to fulfill its payment obligations came to an end on May 14th. But the NCLAT has asked the lenders not to encash the bank guarantee of around $21 million furnished by the consortium until it is certain that they cannot implement the plan.
The winning bidders have been given another three months to make things right. The NCLAT bench, comprising Chairman Justice Ashok Bhushan and Member (Technical) Barun Mitra, as saying,
“We direct that MC (monitoring committee) lenders shall not invoke the performance bank guarantee in the facts of the present case as on date, and for invocation, if any, MC Lenders may take leave of the adjudicating authority.”
31/05/2023 Gaurav Joshi/Simple Flying
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