In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium’s plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore.
Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline.
Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
