Jet Airways’ bidder gets more time to clear payments
New Delhi, May 26
Appellate tribunal NCLAT on Friday pitched for the early revival of the grounded Jet Airways and decided to give more time to the winning bidder Jalan Kalrock Consortium to fulfill 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.
