Business Standard

Four issues between lenders and Jalan-Kalrock delay Jet Airways take-off

In this complex game of claims and counter-claims, Jet Airways, which was supposed to take to the skies again by October this year, remains firmly on the ground

Jet Airways
Premium

The resolution plan says Jet Airways will use proceeds from aircraft lease rentals as working capital; lenders want the proceeds shared with them

Deepak Patel New Delhi
  • Who will pocket rent coming from the leased plane of Jet Airways?
  • Who will pay provident fund (PF) and gratuity dues to previous employees?
  • Can State Bank of India-led lenders ask Jalan-Kalrock Consortium (JKC) to give an undertaking that modifies the National Company Law Tribunal (NCLT)-approved resolution plan?
  • Has JKC fulfilled the conditions precedent (CPs), such as owning domestic airport slots and international traffic rights, mentioned in the resolution plan?
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India’s largest private airline, which went bankrupt

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 18 2022 | 6:10 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com