The National Company Law Appellate Tribunal will on May 30 pass an order on an application by Jalan-Kalrock (JKC) consortium, which is reviving bankrupt Jet Airways, to stop State Bank of India (SBI) from invoking its bank guarantee of Rs 150 crore.
SBI told the tribunal on Friday that the consortium had not paid dues that had a deadline of May 15, as the consortium sought an interim injunction.
Jet’s air operator certificate (AOP)– revalidated by India’s aviation regulator on May 20 last year–expired on Friday, indicating that the airline is unlikely to start commercial flights anytime soon. By May last year, JKC had deposited Rs 150 crore with lenders as performance bank guarantee (PBG).
