Jet Airways lenders move NCLAT against Jalan-Kalrock consortium

According to the revival plan, the consortium proposed a total infusion of Rs 1,375 crore, including Rs 900 crore towards capex and working capital and Rs 475 crore to settle claims of the creditors

Lenders of debt-ridden Jet Airways on Tuesday filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against implementation of the resolution plan by the Jalan-Kalrock consortium, according to sources.

The sources said the lenders have maintained that the condition precedent mentioned in the resolution plan of the consortium has not been met. And therefore, the plan is not valid.

“The lenders want the plan to be circled back to the committee of creditors (CoC) for fresh consideration,” the sources said.

On January 13, the National Company Law Tribunal (NCLT) had allowed the application of Kalrock-Jalan to implement its