The Jalan Kalrock consortium, the winning bidder for Jet Airways, has injected the first tranche of Rs 1 billion as part of the process to take over the grounded airline.
The capital injection comes after the National Companies Law Appellate Tribunal allowed it to pay in tranches earlier this week.
“JKC confirmed that in less than 48 hours NCLAT has deposited Rs 100 crore into Jet Airways for the implementation of the revival plan. Through this infusion, JKC has now invested Rs 250 crore in Jet Provide the remaining Rs 100 crore to Jet Airways by September 30 to take control of the iconic airline.” .
NCLAT has granted an extension of Rs 350 crore to lenders. The appeals tribunal has granted payment by September 30.
The appeals court also allowed the adjustment of Rs 150 crore in the existing performance bank guarantee to a payment of Rs 350 crore. The case will be considered further on October 4.
The consortium sought an extension until September 30 to pay Rs 350 crore. They intend to deposit Rs 100 crore by August 31 and Rs 100 crore by September 30. They have urged the Committee of Creditors (CoC) to use the Performance Bank Guarantee (PBG) of Rs 150 crore to cover the remaining amount.