India’s Jet Airways transfer nears completion

India’s National Company Law Appellate Tribunal (NCLAT) has cleared the way for the complete transfer of ownership of Jet Airways to the Jalan Kalrock Consortium within 90 days.

Image: Jet Airways

This confirms the consortium had fulfilled all conditions for the takeover.

It also directed the consortium to apply for the re-issuance of an air operation certificate for Jet Airways within 90 days, paving the way for the carrier that has been grounded since 2019 to restart operations.

The consortium has been embroiled in a legal tussle with the creditors for over a year, with creditors alleging that payment made by the consortium had come from "unknown sources" and was not in compliance with the approved resolution plan, according to local reports.

Under the resolution plan, the consortium had to fulfil a total financial commitment of $42 million which it completed in tranches before a deadline of 30 September 2023. Three properties in Dubai held by Jet Airways also need to be secured by the new owners within 30 days.