The National Company Law Appellate Tribunal (NCLAT) on Tuesday greenlit the transfer of ownership of Jet Airways to the Jalan Kalrock Consortium (JKC), the successful bidder for the grounded airline. It upheld the order of the National Company Law Tribunal (NCLT), which had permitted the transfer of ownership to JKC in January last year. Consequently, the appeal by the State Bank of India (SBI) against the takeover of the airline by JKC was dismissed.
The appellate tribunal directed the lenders to complete the transfer within 90 days and instructed JKC to obtain an air operator certificate within the same period.
