There is no respite for the lenders of Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has refused to grant a stay on the NCLT’s order which directed the Jalan-Kalrock Consortium (JKC) to go ahead with the revival plan of the airline.
“No stay granted to them and court said the plan needs to be implemented as approved by NCLT,” said sources. The matter was argued by senior advocates Ravi Shankar Prasad and Krishnendu Datta, on behalf of the JKC, and Abhishek Manu Singhvi and Raunak Dhillon who appeared on behalf of the lenders.
The matter was heard by Justice Ashok Bhushan, the Chairperson and Barun Mitra, Member (Technical). The Bench instructed the lenders to move forward with the implementation of the plan “without any delay.”
A detailed order is awaited. However, people in the know told businessline that the lenders are likely to appeal in the Supreme Court now.
In January, the Mumbai bench of the NCLT had allowed JKC’s application on the ownership transfer of Jet Airways and an extension to make payments. The Bench had given the consortium 180 days’ time beyond November 16 to make payments to creditors and employees. Basically, the consortium was given a lease of hope till May to make payments and revive the airline.