NCLAT ON JET AIRWAYS
Jet Airways Insolvency: Tribunal junks JKC request to transfer Rs 200 crore
The Jalan Kalrock Consortium (JKC), the successful bidder for grounded Jet Airways, withdrew its plea to move Rs 200 crore paid to lenders to an escrow account after the National Company Law Appellate Tribunal (NCLAT) refused to provide relief. The NCLAT bench, headed by Justice Ashok Bhushan, stated the matter is already before the Supreme Court. The consortium chose to withdraw its plea, citing ongoing disagreements between lenders and consortiums.
Jet Airways ownership transfer: SC agrees to hear lenders' appeal against NCLT order
While the bench was initially inclined to issue notice to JKC and the monitoring committee on the SBI’s appeal, it accepted the counsel’s request to finish the hearing at the earliest. The CJI, accordingly, kept the case for further hearing on Friday.
SC issues notice to JKC and Jet Airways on SBI-led consortium's petition challenging NCLAT's March order
The Supreme Court issued notices to Jet Airways and the Jalan Kalrock Consortium after a consortium led by State Bank of India challenged the NCLAT's March ruling affirming the transfer of bankrupt Jet Airways to JKC. Almost a year ago, the SC permitted the transfer to JKC. The case was heard by a bench led by Chief Justice of India CJI Chandrachud.
NCLAT directs Jet ownership transfer to Jalan Kalrock team
The National Company Appellate Tribunal (NCLAT) directed the transfer of Jet Airways' ownership to Jalan Kalrock Consortium (JKC) within 90 days. JKC must obtain an air operator's certificate. The tribunal allowed the adjustment of the performance bank guarantee towards the first tranche payment. Payments to workmen, employees, and creditors will be made as per the resolution plan.
Jet Airways hits 5% upper circuit after NCLAT approves ownership transfer to Jalan Kalrock
The appellate tribunal had asked lenders to complete the formalities within 90 days and give control to the Kalrock Consortium. A plea filed by State Bank of India-led consortium in this regard has been disposed of.
NCLAT upholds Jet Airways' ownership transfer to Jalan Kalrock Consortium
The NCLAT has directed the monitoring committee of Jet Airways to complete the transfer of the airline's ownership to Jalan Kalrock Consortium (JKC) within 90 days. The tribunal also directed JKC to obtain an air operator's certificate within the same period. Additionally, the NCLAT allowed the adjustment of the Performance Bank Guarantee of Rs 150 crore towards the first tranche payment of Rs 350 crore.
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Jalan Kalrock Consortium case: SC upholds NCLAT ruling on sale of Jet Airways' three aircraft
A Bench led by Justice Abhay S Oka upheld the National Company Law Appellate Tribunal's December order that allowed the sale of the aircraft to Ace Aviation VII. The apex court also observ-ed that the sale of aircraft to the aviation company would in fact help the consortium to revive the embattled airline.
Unlocking investment opportunities: Leveraging IBC to enhance India's global appeal
The Supreme Court recently noted that the principle aims of the IBC are to promote investment, and resolution of insolvencies of corporate persons, firms, and individuals in a time bound manner.
Ace Aviation approaches NCLAT to expedite sale of three Jet Airways aircraft
Ace Aviation seeks expedited sale of three aircraft previously owned by Jet Airways by approaching NCLAT. It argues for possession of assets, transfer of ₹340 crore, and highlights the complex technology and restoration efforts required for the aircraft. The company also argued that the aircraft involved complex technology, and if the aircraft are poorly maintained, they can quickly deteriorate to a point where it would be difficult to restore them.
Go First liquidation a possibility; lowballed banks may seek better offer
SpiceJet consortium and SkyOne are frontrunners in the race for Go First as present. Lenders may ask bidders to improve offers in the resolution process for the airline. Lack of information has hampered bid conditions. Previous attempt to sell failed due to lack of information and protracted delays.
NCLAT reserves order in Jet Airways ownership transfer case
While JKC had transferred Rs 200 crore to the lenders account by September 30, 2023, it had won a favourable order from NCLAT for adjustment of the performance bank guarantee of Rs 150 crore. The order was later overturned by SC, which asked JKC to deposit Rs 150 crore by January 31.
Jet Airways resolution: SC asks Jalan Kalrock Consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides.
NCLAT upholds NCLT order for sale of three Jet Airways aircraft to Ace aviation
The sale is expected to fetch an additional Rs 350 crore. The All India Jet Airways’ Officers and Staff Association opposed the sale as they argued the right of lien over the aircraft, owing to unpaid dues by the airline.
NCLAT to wait for the outcome of SC petitions to decide on Jet Airways’ bidder JKC case
The National Company Law Appellate Tribunal (NCLAT) will decide the status of Jet Airways bidder Jalan Kalrock Consortium after the Supreme Court addresses pending petitions. JKC faces challenges in various forums questioning its right to operationalize the airline, with the State Bank of India-led consortium contesting ownership transfer due to resolution plan violations.
JKC argues aircraft sale against approved resolution plan; NCLAT reserves order
Jalan Kalrock Consortium, the successful bidder for Jet Airways, had filed an appeal opposing the sale of the aircraft as directed by the National Company Law Tribunal, Mumbai. The NCLT, Mumbai, had taken the view that the monitoring committee must reinitiate the process, conclude the sale of the aircraft, and place the amount in an escrow account.
No more adjournments in Jet Airways case: NCLAT
JKC’s counsel argued that they are losing on the interest component of the deposited money each day the resolution process gets delayed. JKC has been seeking the transfer of ownership of the airlines from the lenders. However, lenders allege that JKC hasn’t adhered to the resolution plan since it has hidden the source of money sued for payment of Rs 200 crore.
Jet Airways insolvency: NCLAT adjourns hearing to Nov 9
Insolvency appellate tribunal NCLAT on Wednesday adjourned the hearing on the Jet Airways matter to November 9 over the issue of transfer of ownership of the grounded air carrier to the Jalan Kalrock Consortium (JKC). Venkataraman, who is representing lenders including SBI and other banks in this matter, requested the bench to adjourn and list it for hearing after that, which was accepted by the bench headed by Chairperson Justice Ashok Bhushan.
Jet Airways insolvency: NCLAT adjourns hearing to Nov 1 as creditors seek more time to file reply
Last week, Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told NCLAT that there are apprehensions about the source of funds, which deposited the money for Jalan-Kalrock Consortium's (JKC). "The payment is not compliant with the resolution plan as it mandates that the money is to be paid through JKC," ASG had submitted.
Jet Airways’ lenders move SC against Jalan-Kalrock
The State Bank of India-led consortium of lenders has filed an application with the Supreme Court, seeking the winding up of debt-laden Jet Airways and initiation of the liquidation process. The consortium alleges that the Jalan-Kalrock consortium, which recently infused Rs 350 crore into the bankrupt airline, has not taken appropriate steps to meet its obligations as per the approved Resolution Plan.
Jet Airways' lenders want Jalan-Kalrock consortium to reveal source of its funding
Lenders to Jet Airways have called on the Jalan-Kalrock consortium, the potential buyers of the airline, to disclose the source of the ₹200 crore they have paid as part of the first payment to take control of the carrier. The lenders argue that the funds should come directly from the consortium and not from a third party. The National Company Law Appellate Tribunal has asked Jet's committee of creditors to file their objections to the compliance report filed by the consortium before the next hearing on October 12.
Jet Airways insolvency: Creditors question source of Rs 200 cr deposited by Jalan-Kalrock Consortium
The creditors of Jet Airways have raised concerns over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium, stating that it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI, expressed apprehensions about the source of funds and possible money laundering. The consortium claims that a part of the money came from another source while the majority was paid by Murari Lal Jalan. The National Company Law Appellate Tribunal has directed the matter to be listed for the next hearing on October 12.
Ace Aviation gets adjournment from NCLAT in Jet Airways aircraft sale matter
Ace Aviation VIII Ltd has been granted an adjournment by the National Company Law Appellate Tribunal (NCLAT) in its petition against the monitoring committee of Jet Airways. The committee had put the sale of three aircraft on hold due to a deadlock among its members. Ace Aviation argues that the value of the assets is depreciating as a result. The matter has been adjourned to September 27.
NCLAT grants partial relief to Jet bidder JKC on terms of payment
The Jalan-Kalrock Consortium, which won the bid for Jet Airways, has received a month's extension for payment of Rs 100 crore and adjustment of the performance bank guarantee from the National Company Law Appellate Tribunal. The consortium had filed an appeal asking for relief in payment terms. The committee of creditors had argued against the adjustment of the performance bank guarantee.
Jet Airways insolvency case: NCLAT reserves order on Jalan-Kalrock Consortium's plea
The consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The consortium is to pay Rs 350 crore to the lenders by August 31 but has sought an extension for making the payment. A three-member NCLAT bench said it will pass the order on next Monday and has granted three days' time to the parties to file their written submissions.
Jet Airways’ lenders agree to give Jalan Kalrock Consortium extension till Sep 30 to make payments
The committee of creditors (CoC) of bankrupt airline Jet Airways on Monday agreed to give an extension to the payment deadline to the Jalan Kalrock Consortium till September 30, but differed on the mode.
Jet CoC agrees to a 30-day extension but differs on mode
The bench wanted the JKC senior counsel to satisfy if the performance bank guarantee could be used as a security for the Rs 350 crore to be deposited by August 31. NCLAT order on the extension and performance bank guarantee issue is reserved for August 28.
NCLAT asks JKC to file an affidavit for extension; JKC says will deposit Rs 100 crore by August 31, CoC says not enough
The counsel for JKC argued that they were ready to deposit Rs 100 crore by August 31 and another Rs 100 crore by September 30. Meanwhile, the bank could invoke the Rs 150 crore performance guarantee submitted by the company. The consortium, which won the Jet Airways bid, has to submit Rs 350 crore to the Committee of Creditors of the grounded airline by August 31.
Jalan Kalrock Consortium seeks more time to pay Rs 350 cr to Jet Airways’ lenders
The NCLAT has asked the Jalan Kalrock Consortium to file an application stating the conditions for seeking an extension to make payments to Committee of Creditors of bankrupt airline Jet Airways. The application filed by the State Bank of India, the primary lender, and others pertains to the transfer of ownership of the airline to JKC.
Jet Airways CoC says NCLAT may withdraw petition if JKC pays Rs 350 crore
The Committee of Creditors (CoC) of Jet Airways said it may not pursue its appeal following the receipt of Rs 350 crore ($47m) from Jalan Kalrock Consortium. CoC stated that reactivation of the grounded airline will only be viable if Jalan Kalrock meets its financial obligations.
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