Jet Airways revival back on track after top tribunal green-lights ownership transfer

Jet Airways has cleared a significant hurdle in its long-drawn revival plan, after an appellate tribunal approved the transfer of ownership to the Jalan-Kalrock Consortium, which must be completed within 90 days. The National Company Law Appellate Tribunal (NCLAT) upheld the ruling from the lower tribunal made a year ago, which stated that the grounded carrier was to be taken over by the consortium. The consortium – comprising tycoon Murari Lal Jalan and Kalrock Capital – were the successful bidders of the airline in 2021. The National Company Law Tribunal ruling from January 2023 sparked off a legal battle between the consortium and Jet’s lenders, including the State Bank of India, who filed an appeal against the transfer of ownership. NCLAT dismissed that appeal, and approved the implementation of the airline’s resolution plan as originally green-lit by the lower tribunal “without any deviations”. The first step of the ownership transfer will see the airline’s lenders create security on “immovable properties” within 30 days from 12 March. Thereafter, the lenders will have another 30 days to issue Jet Airways shares to the consortium, effectively handing over control of the carrier. <br/>