Jalan-Kalrock’s plan for Jet Airways unworkable, lenders tell Supreme Court

Lenders, led by the State Bank of India (SBI), told the Supreme Court (SC) on Monday that the Jalan-Kalrock consortium’s approved resolution plan for Jet Airways has become “unviable” and “unworkable”. The banks have not received anything from the consortium nor has it infused funds into the airline to bring around its operations.

After the consortium’s proposal to take over the bankrupt airline was approved by the National Company Law Tribunal (NCLT) on June 22, 2021, it has spent approximately Rs 400 crore of public money, including airport dues, Additional Solicitor General, N Venkataraman, representing the lenders, told the bench led by Chief Justice DY Chandrachud.