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Jet Airways case: Setback for JKC as SC directs it to furnish Rs 150 crore bank guarantee in 2 weeks

The court has held that in case JKC does not furnish the bank guarantee, the consequences of law will follow. The NCLAT will now have to decide the appeal by State Bank of India challenging the transfer of Jet Airways ownership to JKC by end of March 2024.

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Jet Airways case: Setback for JKC as SC directs it to deposit Rs 150 crore in 2 weeks

The court has held that in case JKC does not furnish the bank guarantee, the consequences of law will follow. The NCLAT will now have to decide the appeal by State Bank of India challenging the transfer of Jet Airways ownership to JKC by end of March 2024.

Murari lal jalanJalan kalrock consortiumNational company law appellate tribunalSupreme court onJet airwaysJalan kalrockSupreme courtState bankJet airwayLondon based kalrock capitalMurari lalJet airwaysIbc 2016Jet airways case

Jet Airways case: SC deals blow to JKC, orders Rs 150 crore bank guarantee

Jet Airways case: SC deals blow to JKC, orders Rs 150 crore bank guarantee
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Jet Airways Case: SC Asks Jalan-Kalrock Consortium To Deposit Rs 150 Crore In SBI Escrow Account Within 2 Weeks

Jet Airways Case: SC Asks Jalan-Kalrock Consortium To Deposit Rs 150 Crore In SBI Escrow Account Within 2 Weeks
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Jet Air told to deposit Rs 150 cr by Jan 31 in SBI s escrow account

The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI s escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become unworkable . The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.

Justicedy chandrachudManoj misraTushar mehtaJet airwaysAircraft maintenance engineers welfare associationNational company law appellate tribunalSupreme court onJalan kalrock consortiumSupreme courtChief justicedy chandrachudState bankKalrock consortiumGeneral tushar mehtaAdditional solicitor generaln venkataramanBusiness newsUsiness news india