shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > News > India News > Article > SC to pronounce judgment today on Jet Airways ownership

SC to pronounce judgment today on Jet Airways ownership

Updated on: 07 November,2024 10:04 AM IST  |  New Delhi
IANS |

According to the cause list published on the apex court's website, a bench of CJI DY Chandrachud and Justices JB Pardiwala and Manoj Misra will pronounce the verdict on November 7

SC to pronounce judgment today on Jet Airways ownership

Jet Airways. Pic/AFP

Listen to this article
SC to pronounce judgment today on Jet Airways ownership
x
00:00

The Supreme Court is set to pronounce its judgment on Thursday on lenders' plea challenging the transfer of ownership of grounded Jet Airways to Jalan Kalrock Consortium (JKC). 


According to the cause list published on the apex court's website, a bench of CJI DY Chandrachud and Justices JB Pardiwala and Manoj Misra will pronounce the verdict on November 7.


The Committee of Creditors (CoC), led by the State Bank of India, has said that the proposed revival plan was not in the best interest of lenders and questioned the National Company Law Appellate Tribunal (NCLAT) order upholding the resolution plan.


In January this year, the Supreme Court ordered JKC, the successful resolution professional bidder for the cash-strapped airline, to deposit Rs 150 crore in an escrow account jointly held by the State Bank of India and JKC.

It had cautioned that legal consequences would follow if the JKC failed to furnish the bank guarantee.

It had also asked the NCLAT to decide by the end of March 2024 on the lenders' plea challenging the ownership of the grounded Airways to JKC.

The consortium had undertaken an infusion of Rs 350 crore equity per the court-approved resolution plan to assume ownership of Jet Airways.

A three-member bench of the NCLAT had agreed to an adjustment of Rs 150 crore from the Performance Bank Guarantee (PBG) towards the payment of Rs 350 crore.

The appellate tribunal had also accepted an undertaking given by the consortium committing to pay Rs 100 crore by August 31 last year and another Rs 100 crore by September 30, 2023.

Due to severe financial distress, Jet Airways, once one of India's largest and most popular airlines, entered the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in June 2019.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK