NEW DELHI: Supreme Courtroom on Thursday ordered the Jalan-Kalrock consortium, whose Rs 4,783 crore monetary package deal for revival of bankrupt Jet Airways has been accepted, to deposit Rs 150 crore by Jan 31 to maintain the decision plan afloat, regardless of the lenders in SBI-led banking consortium accusing the international entity of missing in intent to implement the airline’s revival plan.
Beneath the agreed reworked cost schedule for the primary tranche of Rs 350 crore, the Nationwide Firm Regulation Appellate Tribunal (NCLAT) had allowed Jalan-Kalrock to deposit Rs 100 crore by Aug 31 and Rs 100 crore extra by Sept 30 of 2023, and adjustment of efficiency financial institution assure of Rs 150 crore with the stability quantity.
A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, on the finish of the two-day-long listening to, stated adjustment of efficiency financial institution assure, which is a safety towards non-performance, couldn’t have been permitted to be adjusted towards cost of Rs 150 crore by the profitable decision applicant (SRA).
It directed Jalan-Kalrock to make good the cost of Rs 150 crore into the SBI escrow account and stated financial institution assure of Rs 150 crore could be revived. It stated since appeals towards NCLT order of Jan 13 final yr is pending adjudication earlier than NCLAT, the latter would resolve appeals expeditiously, ideally by finish of March.
Importantly, what could possibly be seen as a aid for the SRA, the bench refused to adjudicate the plea of Airjet Floor Providers (AGSL) workers for saddling Jalan-Kalrock with their wage, PF and gratuity dues. It could now be determined by NCLAT together with appeals by lenders and others.
Beneath the agreed reworked cost schedule for the primary tranche of Rs 350 crore, the Nationwide Firm Regulation Appellate Tribunal (NCLAT) had allowed Jalan-Kalrock to deposit Rs 100 crore by Aug 31 and Rs 100 crore extra by Sept 30 of 2023, and adjustment of efficiency financial institution assure of Rs 150 crore with the stability quantity.
A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, on the finish of the two-day-long listening to, stated adjustment of efficiency financial institution assure, which is a safety towards non-performance, couldn’t have been permitted to be adjusted towards cost of Rs 150 crore by the profitable decision applicant (SRA).
It directed Jalan-Kalrock to make good the cost of Rs 150 crore into the SBI escrow account and stated financial institution assure of Rs 150 crore could be revived. It stated since appeals towards NCLT order of Jan 13 final yr is pending adjudication earlier than NCLAT, the latter would resolve appeals expeditiously, ideally by finish of March.
Importantly, what could possibly be seen as a aid for the SRA, the bench refused to adjudicate the plea of Airjet Floor Providers (AGSL) workers for saddling Jalan-Kalrock with their wage, PF and gratuity dues. It could now be determined by NCLAT together with appeals by lenders and others.
