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The Supreme Court reserved its verdict on the petition by SBI and others challenging the order of the National Company Law Appellate Tribunal (NCLAT). NCLAT had upheld the resolution plan of defunct airline Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
New Delhi. The Supreme Court reserved its verdict on the petition by State Bank of India (SBI) and others challenging the order of the National Company Law Appellate Tribunal (NCLAT). NCLAT had upheld the resolution plan of defunct airline Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC). Chief Justice of India D.Y. Chandrachud and Justice J. B. A bench of Justice Pardiwala and Justice Manoj Mishra heard arguments from both sides before reserving the verdict.
Additional Solicitor General (ASG) N. Venkatraman appeared and the Kalrock alliance was represented by senior advocate Mukul Rohatgi. NCLAT had on March 12 upheld the resolution plan of the defunct airline and approved the transfer of its ownership to JKC.
The appellate tribunal directed the monitoring committee of Jet Airways to complete the ownership transfer within 90 days. Besides this, NCLAT had also directed Jet Airways’ lenders to adjust Rs 150 crore paid by the alliance as performance bank guarantee (PBG). After this, State Bank of India, Punjab National Bank and JC Flowers Asset Reconstruction Private Limited had moved the apex court against this decision.
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