NCLAT upholds NCLT order for sale of three Jet Airways aircraft to Ace aviation
The National Company Law Appellate Tribunal (NCLAT), Friday, dismissed Jet Airways’ bidder Jalan Kalrock Consortium’s (JKC) and All India Jet Airways’ Officers and Staff Association’s appeal to cancel the sale of three aircraft to Ace Aviation VIII Limited.
The appellate tribunal held that “it didn’t find any error in the order passed by the adjudicating authority (National Company Law Tribunal, Mumbai)”. It directed that proceeds from the aircraft be deposited in an escrow account and dealt with as per the approved resolution plan.
