The Supreme Court on Monday agreed to hear the State Bank of India-led consortium of lenders’ appeal against the National Company Law Appellate Tribunal’s order that upheld the transfer of ownership of grounded Jet Airways to Jalan Kalrock Consortium (JKC). The NCLAT verdict has come almost a year after it permitted the transfer of ownership to the successful bidder in January last year.
Additional Solicitor General Venkatraman, who appeared for the lenders, told a bench led by Chief Justice DY Chandrachud that the NCLAT order is “shocking” and is “completely unacceptable. It reverses a Supreme Court ruling on the Rs 150-crore bank guarantee. We are supposed to collect Rs 4,400 crore, they are struggling to repay Rs 300 crore now.”
