PNB asks NCLAT to stay nod to Jet Airways’ revival plan
Punjab National Bank (PNB NSE 1.34 %) moved the appellate bankruptcy court on Thursday, seeking a stay on the approval to Jet Airways NSE 4.95 %’ revival plan, potentially hampering efforts to restart operations at what was once India’s largest airline.
In its petition to the National Company Law Appellate Tribunal (NCLAT), the state-owned lender claimed that the resolution professional (RP) — the executive appointed to manage the company during the bankruptcy process — arbitrarily cut its claim after approving it.
