Apex court to examine JKC's resolution plan for Jet Airways

The Supreme Court on Wednesday said it will examine the Jalan-Kalrock consortium's (JKC) resolution plan for the takeover of bankrupt JAirways (India) and asked it to submit the plan within a week after the former sought "reconsideration of its decision to acquire" the grounded carrier. 

 A Bench led by Justice Sanjiv Khanna sought response from the the Punjab National Bank, Jet Airways' resolution professional Aashish Chhawchharia and its committee of creditors on an appeal by the Jalan-Kalrock consortium against the National Company Law Appellate Tribunal in October [that] increased the PNB's claims against Jet Airways by ₹202 crore. 

The resolution professional had slashed the PNB's claims from ₹956.11 crore to ₹752 crore in the airline's restructuring process. The appellate tribunal had directed the consortium to bear the burden of this additional sum from its reserve fund, without disturbing the overall payout to the assenting and dissenting financial creditors and other stakeholders. PNB is the largest shareholder in Jet Airways with a 26% stake which it secured after invocation of a pledge in 2019. The apex court asked the consortium to submit its resolution plan within seven days and posted the matter for further hearing after two weeks. 

 07/09/2023 ET Infra.com

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Categories: Jet Airways Sep 2023