The Jalan Kalrock Consortium, in charge of reviving the defunct airline Jet Airways, has appealed for an extension in its payment schedule to lenders. The Committee of Creditors (CoC), overseeing the bankruptcy proceedings, had initially mandated the consortium to remit Rs 350 crore by August 31. However, the consortium has expressed the need for additional time to fulfill this obligation.
Jet Airways, which ceased operations in April 2019, has been undergoing insolvency resolution proceedings since then. The Jalan Kalrock Consortium emerged as the successful bidder to resuscitate the airline, yet complications in transferring ownership have persisted due to ongoing disagreements between the consortium and lenders.
In line with the proposed payment plan, the CoC is set to receive a deposit of US$12 million by the end of this month. Subsequently, another installment of $12 million is scheduled for payment by September 30. Additionally, the CoC retains the authority to immediately encash a bank guarantee totaling $18 million.
As the August 31 deadline approaches, discussions continue between the Jalan Kalrock Consortium and the Committee of Creditors to determine the viability of the extension request. The outcome of these deliberations will undoubtedly influence the trajectory of Jet Airways’ resurrection and its future operational prospects.
