New Delhi: Jet Airways' successful bidder Jalan Kalrock Consortium (JKC) on Tuesday withdrew its plea before the NCLAT to transfer Rs 200 crore it had paid to the lenders into an escrow account.
The withdrawal comes after the National Company Law Appellate Tribunal (NCLAT) refused to grant any relief to JKC.
The NCLAT bench headed by Chief Justice Ashok Bhushan said the matter is already before the Supreme Court. The consortium of Murari La Jalan and Florian Fritsch subsequently withdrew the appeal.
"Until the shares of the corporate debtor (Jet Airways) are released to the successful resolution applicant (consortium), the MC (Monitoring Committee) is directed to transfer the amount of Rs 20 crore impounded by the SR (successful resolution applicant) to the lenders. Pass necessary instructions.), in the interest bearing escrow account of the share application account,” JKC had said in its petition before the NCLAT.
The tribunal asked JKC to either withdraw its petition or face dismissal, to which the consortium preferred to withdraw it.
Jet Airways stopped flying in April 2019 and the consortium later emerged as the winning bidder under the insolvency resolution process.
However, the ownership transfer is stuck amid ongoing differences between the lenders and the consortium.
Earlier this year on March 12, NCLAT upheld the resolution plan of defunct airline Jet Airways and approved the transfer of its ownership to JKC.It was directed to pay Rs 350 crore to initiate the transfer process, however, it paid only Rs 200 crore in cash and asked the lenders to adjust Rs 150 crore from the performance bank guarantee submitted by it. .
Lenders opposed this, however, NCLAT directed that it be adjusted.
This was again challenged by the MC and others in the Supreme Court, which quashed the NCLAT order and directed JKC to deposit the money.
The withdrawal comes after the National Company Law Appellate Tribunal (NCLAT) refused to grant any relief to JKC.
The NCLAT bench headed by Chief Justice Ashok Bhushan said the matter is already before the Supreme Court. The consortium of Murari La Jalan and Florian Fritsch subsequently withdrew the appeal.
"Until the shares of the corporate debtor (Jet Airways) are released to the successful resolution applicant (consortium), the MC (Monitoring Committee) is directed to transfer the amount of Rs 20 crore impounded by the SR (successful resolution applicant) to the lenders. Pass necessary instructions.), in the interest bearing escrow account of the share application account,” JKC had said in its petition before the NCLAT.
The tribunal asked JKC to either withdraw its petition or face dismissal, to which the consortium preferred to withdraw it.
Jet Airways stopped flying in April 2019 and the consortium later emerged as the winning bidder under the insolvency resolution process.
However, the ownership transfer is stuck amid ongoing differences between the lenders and the consortium.
Earlier this year on March 12, NCLAT upheld the resolution plan of defunct airline Jet Airways and approved the transfer of its ownership to JKC.It was directed to pay Rs 350 crore to initiate the transfer process, however, it paid only Rs 200 crore in cash and asked the lenders to adjust Rs 150 crore from the performance bank guarantee submitted by it. .
Lenders opposed this, however, NCLAT directed that it be adjusted.
This was again challenged by the MC and others in the Supreme Court, which quashed the NCLAT order and directed JKC to deposit the money.
