The tribunal gave the consortium 180 days beyond November 16 to make payments to creditors and employees.
The consortium can now take over the airline, but it could face a legal challenge as lenders may appeal against the tribunal’s order, according to industry sources.
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Jet Airways shut operations in April 2019 and a revival plan submitted by the consortium was approved by the committee of creditors in October 2020. The NCLT approved the plan in June 2021.
As per the plan the consortium was supposed to fulfill five condition precedents before the plan became effective.
In October, Kalrock-Jalan moved the tribunal seeking its confirmation for fulfilling five conditions: validation of air operator certificate, submission of business plan, slot allotment approval, international traffic rights clearance in compliance with law and demerger of ground handling business.
The lenders opposed the application, saying that the conditions precedent were not fulfilled and opposed the transfer of control.
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