The Committee of Creditors (CoC) of grounded airline Jet Airways told the National Company Law Appellate Tribunal (NCLAT) that they may choose not to pursue the appeal against the transfer of the airline's ownership to Jalan Kalrock Consortium if it pays Rs 350 crore towards fulfilling condition precedents.
The National Company Law Tribunal (NCLT) had laid down condition precedents in its January order for Jalan Kalrock Consortium to fulfil the transfer of the airline's ownership. It is the contention of the CoC that the consortium has not fulfilled any such conditions.
The NCLAT asked CoC to file an affidavit detailing their contentions, and the case is likely to come up for hearing on August 18.
On July 28, the consortium told NCLAT that the CoC is not permitting them to commence operations even though they had obtained all the requisite permissions from the government.
On July 10, the CoC told the Supreme Court the airline be wound up as the resolution plan approved by the NCLT was not workable.
A CoC is formed once a company is admitted to insolvency. It is a body of financial creditors that represents the interest of stakeholders. The voting percentage in the committee is proportional to the amount a financial institution has lent to the company in insolvency.
07/08/2023 SN Thyagarajan/Moneycontrol
0 comments:
Post a Comment