The committee of creditors (CoC) of Jet Airways on Monday asked the Jalan Kalrock Consortium (JKC) to pay Rs 350 crore, adding that it may not pursue the appeal for transfer of ownership if the said amount is paid.
Last month, the JKC had sought clarity from the National Company Law Appellate Tribunal (NCLAT) on the transfer of ownership of the grounded airline, claiming that the the lenders were creating hindrances in restarting of operations.
The counsel for State Bank of India, which is one of the lenders, said that the consortium had not infused any funds in the airline and had not complied with any of the conditions laid down by the National Company Law Tribunal’s (NCLT’s) order for the transfer of ownership. In January 2023, the NCLT had laid down condition precedents for JKC to fulfil the transfer of the airline’s ownership.
On July 5, the CoC told the court it had spent Rs 470 crore since the implementation of the Corporate Insolvency Resolution Process (CIRP), without getting any return on investment. The creditors said they were incurring Rs 23 crore in expenses every month.
On July 28, the consortium told NCLAT that the CoC is not permitting them to commence operations even though they had obtained all the requisite permissions. The NCLAT asked CoC to file an affidavit detailing their contentions, and the case is likely to come up for hearing on August 18.
Last week, the Directorate General of Civil Aviation renewed with conditions the air operator certificate (AOC) of Jet Airways until September 3.