The takeover of Jet Airways by the Jalan-Kalrock consortium seems to have run into fresh trouble, with lenders on Wednesday raising doubts about the source of funds infused by the acquirers.
The Committee of Creditors (CoC) told the National Company Law Appellate Tribunal (NCLAT) that while the consortium was to have deposited the entire amount of Rs 350 crore, funds had been deposited from other sources also. As such, Jalan-Kalrock’s deposit of Rs 200 crore was not in compliance with the resolution plan, they said.
Appearing for the lenders, additional solicitor general N Venkatraman told NCLAT there were apprehensions that the funds may have been laundered. As per the lenders, there are concerns about the consortium’s foreign partner Florian Fritsch, whose properties were raided in 2022 as part of a broader investigation. Venkatraman said the lenders intend to file an objection to Jalan-Kalrock’s compliance report.
Appearing for the consortium, senior advocate Krishnendu Dutta claimed that the lenders did not intend to transfer the ownership of the airline to Jalan-Kalrock.
NCLAT directed the lenders to file their objections by October 12, when the case will be next heard.
In late September, the Jalan-Kalrock consortium said it had made the additional payment of Rs 100 crore to lenders, taking the total infusion to Rs 350 crore. On August 28, NCLAT had allowed the consortium to make a payment of Rs 200 crore by September 30 and to adjust an existing bank guarantee towards Rs 150 crore.
Earlier that month, the lenders had told the appellate tribunal they may choose not to pursue the appeal against the transfer of the airline’s ownership to the Jalan-Kalrock alliance if it paid Rs 350 crore and fulfilled the conditions. In May, NCLAT had allowed the consortium additional time to make the payments.