LI NETWORK
Published on: 10 December 2022 at 17:23 IST
In Jet Airways dispute at NCLT, the Jalan-Kalrock Consortium (JKC), which won the bid to revive the grounded airline, has told the National Company Law Tribunal (NCLT) that the State Bank of India (SBI)-led group of lenders never wanted the resolution plan to be implemented.
In its submission dated December 1, the consortium alleged that the lenders are “contorting facts”, deploying “coercive methods” and “purposely delaying” the implementation of the Jet revival plan on some pretext or the other.
In last hearing November, The consortium submitted to the court that all conditions as outlined in the resolution plan were completed by May 20 after the NCLT’s approval. JKC has deposited Rs 150 crore as required under the court approved resolution plan with the lenders, it said.
Added that the remaining amount will be invested only after the next steps of NCLT are fulfilled in terms of handover of the company. “We have not breached any terms of the resolution plan, and we remain committed to the revival of Jet Airways,”.