NCLAT upholds Jet Airways’ resolution plan

New Delhi: Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to JalanKalrock Consortium. The NCLAT Bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs150 crore paid by the consortium as performance bank guarantee. The lenders of Jet Airways and JalanKalrock Consortium (JKC), the successful bidder, are in a legal tussle for more than a year over the transfer of the management of the grounded carrier.