PNB says Jet revival plan is discriminatory, files appeal in NCLAT

PNB is the largest shareholder in Jet Airways with 26 per cent stake which it secured after invocation of a pledge in 2019

Challenging the “illegal” reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination.

The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB’s plea to set aside the insolvency court’s approval of the airline’s revival plan. It has posted the matter for further hearing on September 21.

In its appeal before the NCLAT, PNB argued that NCLT should have heard its application on the issue of reduction of its claim by Rs 202