Jalan Kalrock consortium granted three-months extension to repay lenders

In the latest development in the Jet Airways insolvency case, the National Company Law Appellate Tribunal (NCLAT) has allowed a three-month extension to Jalan Kalrock Consortium (JKC) to make payment to lenders as per the approved resolution plan. JKC had earlier expressed interest in relaunching the airline. NCLAT was hearing consortium’s plea seeking to restrain lead lender State Bank of India (SBI) from encashing performance bank guarantees worth INR 1.5bn. Debt-ridden Jet Airways shut down commercial operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved