Jet Airways: JKC gets time till Sept 30 to pay dues

New Delhi, August 28

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium (JKC) for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.

The NCLAT Bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore.

The consortium has submitted an undertaking before the NCLAT, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose.