Lenders to Jet Airways on Wednesday said that the Jalan-Kalrock consortium, the beleaguered airline’s would-be-owners, should disclose the source of the ₹200 crore it has paid as part of the first tranche of payment to take control of the carrier.
The counsel for the lenders said before the National Company Law Appellate Tribunal (NCLAT) in Delhi that JKC needs to disclose the source of the funds as part of the resolution plan, and that the money should come from JKC and not a third party.
In this regard, the lenders have also filed a petition before the NCLT in Mumbai. Jet has been grounded since April 2019, after being unable to pay for its day-to-day operations.
The NCLAT has asked Jet’s committee of creditors – led by SBI – to file its objections to the compliance report filed by JKC before the next date of hearing, which is October 12.
The counsel for JKC will also make submissions on the source of funds at the next date of hearing. The counsel for JKC argued that since ₹350 crore has been paid, the lenders must complete the process of ownership of the airline.
JKC has paid ₹350 crore as the first tranche. At the last date of the hearing, it was allowed to defer payment of ₹100 crore to September 30 and adjust the performance bank guarantee of ₹150 crore. It paid another ₹100 crore on August 30.