A three-member National Company Law Appellate Tribunal bench (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.

Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. 

While the consortium emerged as the winning bidder under the insolvency resolution process, the ownership transfer has been hanging fire amid continuing differences between lenders and consortiums.

The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. 

Jet Airways shut down its operations temporarily on 17 April 2019. The last flight was from Amritsar to Mumbai. The shutting down of the company affected 20,000 employees and more than 60,000 people indirectly.

Not soon after, the company filed for bankruptcy, they key reasons for which include gross mismanagement, extreme debt, its failed merger and rebranding of Sahara Airlines. 

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