Jalan-Kalrock to transfer Rs 130 crore rental earnings to Jet Airways’ lenders

Jet Airways, led by the new management, has for the time being averted liquidation proceedings by agreeing to transfer to banks about ₹130 crore received from the lease-rentals of Air Serbia planes, said people aware of the development.

However, the Jalan-Kalrock Consortium, which has won the bid to acquire the company under the Insolvency and Bankruptcy Code (IBC), cannot place an order to buy aircraft until it obtains a no-objection certificate from its lenders, the people said. According to them, the lenders said they would give a NOC only after the consortium commits to a timeline for implementing the debt resolution plan, which involves staggered payment to gain ownership of the airlines.