Punjab National Bank moves NCLAT to quash Jet rescue plan
Punjab National Bank has challenged the rescue plan for Jet Airways (India) Ltd, posing a fresh hurdle to the Jalan-Kalrock consortium’s attempt to revive the grounded carrier.
The state-run lender filed a petition before the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking to quash a rescue plan for Jet Airways approved by the National Company Law Tribunal (NCLT) in June.
An insolvency plea against Jet Airways, which has been grounded since April 2019, was admitted by the NCLT in June 2019. Subsequently, the Mumbai bench of the bankruptcy court approved an insolvency resolution plan submitted by UK’s Kalrock Capital and Dubai-based entrepreneur Murari Lal Jalan in June 2021, which proposed to repay ₹1,183 crore to Jet’s creditors over five years.
