The Jalan-Kalrock Consortium, which was identified as a successful resolution application for Jet Airways Ltd., paid Rs 100 crore to the airline's lenders on Thursday.
The payment is part of the Rs 350 crore, which the applicant is expected to pay lenders by Sept. 30, to take control of the ailing Jet Airways under the Insolvency and Bankruptcy Code.
Another Rs 150 crore of the dues will be adjusted against performance bank guarantees issued by the Jalan-Kalrock Consortium in favour of the lenders. The amount is set to be received in a few days, according to a person with direct knowledge of the matter, who spoke on the condition of anonymity.
“With this infusion, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crore in Jet Airways by Sept. 30, 2023 to take control of the iconic airline, Jet Airways,” Jalan-Kalrock Consortium said in a statement late on Thursday.
According to the person quoted above, the transfer of ownership will not happen immediately after the entire amount is repaid. Lenders will wait for more clarity around employee and workmen dues, which the resolution applicant is expected to shoulder.
The latest repayment follows an order by the National Company Law Appellate Tribunal on Aug. 28, where the tribunal gave time till Sept. 30 for the Jalan-Kalrock Consortium to repay the Rs 350 crore.
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