Team Blitz India
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal of Jet Airways bidder Jalan Kalrock Consortium (JKC) challenging the sale of aircraft belonging to the grounded airline.
The tribunal had reserved its order on an appeal filed by JKC against the National Company Law Tribunal (NCLT) order asking the airline’s monitoring committee to conclude the sale of the Jet aircraft.
All-India Jet Airways Officers and Staff Association had also filed an appeal against NCLT’s order. This was also dismissed by the NCLAT.
JKC had argued that the NCLT’s order for the sale of the aircraft was beyond its jurisdiction. It said the sale was put on hold in November 2022 because of a disagreement in the Monitoring Committee (MC), which has JKC and the lenders.
JKC said the lenders were stopping it from taking over the airline fully. Meanwhile, Malta-based Ace Aviation, which is the prospective buyer of the aircraft in question, said with each passing moment the aircraft’s value depreciated.
