NCLT allows Jalan-Kalrock consortium to take control of Jet Airways

Tribunal gives consortium 180 days beyond November 16 to make payments to creditors, employees

The National Company Law Tribunal (NCLT) on Friday allowed an application by the Kalrock-Jalan consortium to implement its resolution plan for Jet Airways and infuse funds to revive the grounded airline.

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.

Advocate Rohan Rajyadhyaksha, who appeared for banks to seek two weeks' stay on the implementation of the order, but the tribunal declined