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The National Company Law Tribunal (NCLT) on Friday allowed the application of the Kalrock-Jalan consortium to implement its resolution plan for Jet Airways and infuse funds into the grounded airline to revive it. The tribunal also granted the consortium
180 days beyond November 16 to pay dues to the creditors and employees.
This effectively means that the consortium can take over the reins of the airline. However, it could face a legal challenge as the lenders are likely to appeal against the order, according to industry sources.
Advocate Rohan Rajadhyaksha, who appeared for the lenders, sought a two-week stay on the
