Jet Airways case: SC asks Jalan-Kalrock Consortium to deposit Rs 150 crore in SBI escrow account within 2 weeks
Supreme Court of India
New Delhi: The Supreme Court on Thursday ordered Jalan Kalrock Consortium (JKC) - the successful resolution professional bidder for cash-strapped Jet Airways - to deposit an amount of Rs 150 crore within a period of two weeks.
A bench, headed by CJI D.Y. Chandrachud said that this amount will be kept in an escrow account jointly held by the State Bank of India and JKC.
The bench, also comprising Justices JB Pardiwala and Manoj Misra, cautioned that legal consequences will follow if the JKC fails to furnish the bank guarantee by January 31.
The apex court asked the National Company Law Appellate Tribunal (NCLAT) to decide by the end of March 2024 the lenders' plea challenging the ownership of grounded Airways to JKC.
The consortium had undertaken an infusion of Rs 350 crore equity as per the court-approved resolution plan to assume ownership of Jet Airways.
In its impugned order, a three-member bench of the NCLAT had agreed for adjustment of Rs 150 crore from the Performance Bank Guarantee (PBG) towards the payment of Rs 350 crore. The appellate tribunal had also accepted an undertaking given by the consortium committing to pay Rs 100 crore by August 31 last year and another Rs 100 crore by September 30, 2023.