Relief for PNB in Jet Airways insolvency case | The Financial Express

Relief for PNB in Jet Airways insolvency case

The resolution professional had reduced the claim by Rs 202.09 crore, following which PNB filed an application objecting to the reduction.

Relief for PNB in Jet Airways insolvency case
Jet Airways got its air operator certificate revalidated in May this year

A National Company Law Appellate Tribunal (NCLAT) bench on Friday increased the admitted claims of Punjab National Bank (PNB) to Rs 956 crore, from Rs 754 crore, in the Jet Airways insolvency case.

“It is held that the appellant is entitled to their accepted claim of `956.21 crore. Reduction of their claim by resolution professional is set aside,” said the NCLAT order.

PNB was the appellant, while the respondents were the resolution professional, the Jalan-Kalrock consortium and the committee of creditors.

PNB had submitted its initial claim of Rs 963.47 crore in July 2019 but later revised it to `956.11 crore in August 2019. The final claim submitted in September 2020 stood at Rs 994.16 crore.

Also Read: NCLAT directs Jet Airways’ new owner to clear unpaid provident fund, gratuity dues

The resolution professional had reduced the claim by Rs 202.09 crore, following which PNB filed an application objecting to the reduction. PNB is one of the largest shareholders in Jet Airways, holding 26% in the company as at September-end.

“The appellant is aggrieved by reduction of its admitted claim and is entitled for payment of its full debt as per the Resolution Plan,” the senior counsel appearing for PNB stated.

In July last year, the Jalan-Kalrock consortium was declared as the winning bidder for Jet Airways. In June last year, the NCLT approved the consortium’s resolution plan for the troubled carrier, which shuttered operations in April 2019.

Jet Airways got its air operator certificate revalidated in May this year. The Mumbai-based company had plans to resume operations in October but has not provided any official comments on the same.

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First published on: 22-10-2022 at 03:00 IST