Punjab National Bank moves NCLAT to quash Jet rescue plan
- ByAyushi Ray | September 3, 2021
Punjab National Bank moves NCLAT to quash Jet rescue plan. 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.
PNB further claimed the reduction of the claimed amount was “arbitrary, illegal”and “beyond the jurisdiction” of the RP. In its filing, PNB also sought reinstatement of the deducted amount, besides an interim stay on the NCLT approval to the resolution plan submitted by the Kalrock-Jalan consortium. The respondent to the court filing includes Ashish Chhawchharia, the resolution professional for the insolvency process, Jalan and Florian Fritsch, members of the Jalan-Kalrock consortium, and Jet Airways’ committee of creditors.
Follow Startup Story
Related Posts
