Jet Lenders Move SC Against JKC Consortium

Now the Jet lenders have moved to SC against the Jalan-Karrock Consortium (JKC). The new petition contests the NCLAT order to allow the JKC to encash the performance bank guarantee of Rs. 150 crore to pay off dues amounting to Rs. 350 crore to the lenders. As we all know Jet Airways stopped flying in April 2019 after it faced a lot of financial difficulties. Reports say that the lenders of the bankrupt airline Jet Airways led by the State Bank of India are now moved to the Supreme Court regarding the challenging of the National Company Law Appellate Tribunal (NCLAT) order dated 28th August.

Jet

As per the lawyer who is involved in this case, the new petition contests the National Company Law Appellate Tribunal (NCLAT) has been ordered to allow the Jalan-Kalrock Consortium (JKC) so that it can encash a performance bank guarantee of Rs. 150 crores so that it can pay off the due amounting to the Rs. 350 crores to the lenders. It has been known that this payment is the condition precedent for the transfer of the ownership of the airline to the JKC now. It has been also stated by the counsel that it is likely to raise concerns regarding the suspected unknown sources from which the JKC has paid a total of Rs. 200 crore just before the Supreme Court.

According to the source, this case has been scheduled for today it is before the three-judge bench which is led by Chief Justice DY Chandrachud. It has been said that on 4th October 2023, the lenders expressed during the NCLAT proceedings that the deposited money is the JKC and can be laundered. Now the lenders have filed a fresh application in the National Company Law Tribunal (NCLT) of the branch of Mumbai concerning the source of the money paid to them. They are paid by the JKC.

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They have now officially claimed that the money they have received has been received by unknown sources and till now JKC has not disclosed any source of the funds. On 29th September 2023, the JKC let the consortium have stated that they have fully fulfilled the financial commitment of Rs. 350 crore. They have also agreed that the new promoters are determining the re-establishment of the operations of the running next year. More details regarding the launch date of Jet Airways are going to be shared very soon. It has also been reported that Naresh Goyal, the former Jet promoter was arrested on 1st September 2023 by the ED.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging