India’s PNB asks tribunal to quash Jet Airways’ rescue plan
India’s Punjab National Bank on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago.
A consortium of London-based Kalrock Capital and a UAE-based businessman last year agreed to pump in 10 billion rupees asworking capital and give funds to creditors of Jet, which was hit hard due to piling up debt in 2019. PNB, the court-appointed official in charge of Jet’s revival, Ashish Chhawchharia, and a spokesperson for the consortium investing funds into the collapsed airline did not respond to requests for comment.
