Jet Airways’ winning bidder Jalan Kalrock Consortium (JKC) has committed to make payments of Rs 350 crore the committee of creditors (CoC) of the airline after the latter agreed not to go ahead with its appeal in the National Company Law Appellate Tribunal (NCLAT) against the bidder.
While JKC had earlier promised to pay the full amount by August 31, its counsel argued on Friday that Rs 100 crore will be deposited by August 31, followed by Rs 100 crore by September 30.
A bank guarantee of Rs 150 crore can be encashed immediately.
The NCLAT is understood to have agreed to hear the case again on August 21 and has asked JKC to file an application before the end of this week.
JKC declined to comment on the matter when approached.
Ten days ago, the CoC told NCLAT that it will not pursue the appeal for transfer of ownership if Rs 350 crore is paid by JKC.
This was a significant departure from the CoC’s July stand where they told the Supreme Court that the NCLT-approved resolution plan was not working and therefore sought a liquidation of the airline.
Aviation regulator, Directorate General of Civil Aviation (DGCA) had awarded a renewal of the Air Operator Certificate (AOC) of Jet Airways for a period of one month in July.
The licence renewal, which is valid till September 3, was granted with the purpose of supporting the corporate insolvency resolution process, DGCA had clarified.
Jet’s previous AOC, which was valid for one year, got expired on May 19 this year after the airline remained grounded.
Last month, Jet Airways appointed three directors, including two whole-time directors which came shortly after a series of senior level exits following a failure to get the carrier resume operations.
July also saw the appointment of the accountable manager by JKC.
Jet Airways stopped flying in April 2019 following mounting financial troubles.
The company was later admitted to the corporate insolvency resolution process where the Jalan Kalrock Consortium (JKC) emerged as the winning bidder two years later.
However, the ownership transfer process of the airline from the lenders to JKC is still pending.