Kalrock-Jalan Consortium Opposes Sale Of Three Jet Airways Planes
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The Kalrock-Jalan consortium has opposed the sale of three Boeing 777 aircraft belonging to Jet Airways, likely delaying payments to the airline's creditors.
The consortium is reviving Jet after it shut operations in April 2019 and the aircraft sale is a part of a bankruptcy resolution process.
Kalrock-Jalan is yet to pay Jet’s creditors and in a hearing before National Company Law Tribunal in Mumbai on Thursday, its lawyer said the consortium will file an intervening application opposing the sale.
The submission was made on a plea by European cargo airline Ace Aviation VIII Limited, which has emerged as the successful bidder for the three aircraft.
Ace Aviation moved the tribunal last December, seeking expeditious completion of the aircraft sale. It filed another application this week after a monitoring committee comprising lenders and a resolution professional did not reply to its December application.
Ace Aviation's lawyers demanded that the committee place on record minutes of their meeting dealing with the sale of aircraft. They said that for four months there was no reply from the committee despite several reminders.
The tribunal has directed monitoring committee members to appear in person during the next hearing on May 10.
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