Saturday, September 02, 2023

Jet Airways case: Jalan Kalrock Consortium files caveat in SC against lenders

Jalan Kalrock Consortium, the winning bidder for the revival of the grounded Jet Airways, has urged the Supreme Court to give it a hearing first before deciding a likely appeal by the Committee of Creditors (CoC) against the National Company Law Appellate Tribunal (NCLAT) order that gave it more time to pay Rs 350 crore to the lenders.

The caveat was filed after NCLAT on August 28 allowed the consortium time till September 30 to pay Rs 350 crore. Jalan Kalrock Consortium agreed to to pay Rs 100 crore by August 31, another Rs 100 crore by September 30 and the remaining Rs 150 crore will be adjusted from an already existing performance bank guarantee.

While the lenders did not object to the extension of time till September 30, they objected to the adjustment of the performance bank guarantee.

On August 31, the consortium deposited the first tranche of Rs 100 crore

A caveat is a filed by a litigant informing the court that the opposing party, which has not succeeded in the lower court, may file a case against them. The court has to hear both sides before passing any order if a caveat is filed.

02/09/2023 SN Thyagarajan/Moneycontrol

To Read the News in full at Source, Click the Headline


Post a Comment