Jalan Kalrock’s deadlock with Jet Airways’ banks continues

The deadlock between Jet Airways’ lenders and the Jalan Kalrock Consortium (JKC) continued in court Friday.

Before the National Company Law Appelate Tribunal (NCLAT), banks said saying the consortium hasn’t infused any money to repay creditors while JKC said the lenders have thwarted transfer of ownership and challenged its every effort to commence operations at Jet.

The NCLAT said it will hear the final round of arguments on August 7.


The National Company Law Tribunal (NCLT) in January allowed the ownership of Jet Airways to be transferred to JKC which had won the bid to resurrect the grounded carrier in 2021.

This had come as the consortium has appealed to the Supreme Court against a separate ruling by the National Company Law Appellate Tribunal (NCLAT) directing it to clear unpaid provident fund dues of Rs 250 crore to employees.

The court had given its approval despite lenders' contention that JKC had not fulfilled all conditions — including securing Jet's domestic flight slots and international traffic rights — as per the resolution plan.

JKC has said it will spend Rs 1,375 crore — Rs 900 crore as capital infusion and Rs 475 crore paid to creditors. Of that, Rs 380 crore will go to financial creditors. JKC is to have an 89.79% stake while 9.5% will go to lenders. It hasn’t made any repayment yet.