Jet Airways’ bidder gets more time to clear payments

New Delhi, May 26 Appellate tribunal NCLAT on Friday pitched for early revival of the grounded Jet Airways and decided to give more time to the winning bidder Jalan Kalrock Consortium to fulfil payment obligations and directed the lenders not...

PTI

Updated At : 12:36 PM May 27, 2023 IST

New Delhi, May 26

Appellate tribunal NCLAT on Friday pitched for early revival of the grounded Jet Airways and decided to give more time to the winning bidder Jalan Kalrock Consortium to fulfil payment obligations and directed the lenders not to encash the performance bank guarantee of Rs 175 crore furnished by the consortium.

In a relief for the consortium, NCLAT extended the timeline for payment obligation by excluding the time period between November 16, 2022 and March 3, 2023 — the time period when it was hearing the petition filed by lenders.

It has also allowed the lenders’ plea for appointment to the Board of Directors of Jet Airways.

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