Jet Airways Resolution Controversy: Consortium Faces Legal Battles

The Jalan Kalrock Consortium, tasked with reviving the grounded Jet Airways, faces a legal challenge from creditors over compliance with a court-approved resolution plan. The consortium argues that delays, not its fault, have incurred huge losses. As the case awaits a Supreme Court hearing, the future of the iconic airline remains uncertain.

The Jalan Kalrock Consortium (JKC), chosen to revive Jet Airways, addressed the Supreme Court regarding obstacles posed by creditors during the resolution process. Plagued by compliance issues and delayed payments, the consortium claims external factors hindered their progress.

Initially backed by the NCLAT on March 12, the transfer of ownership to JKC was approved, allowing them to proceed with reviving the airline. However, major creditors like State Bank of India and Punjab National Bank are resisting the transfer, citing payment schedule deviations.

Despite infusing an additional Rs 100 crore and meeting most commitments, JKC's legal obstacles persist, casting doubt on the timeline for relaunching Jet Airways. The Supreme Court is set to revisit the case on October 16.

(With inputs from agencies.)