NCLAT nixes Jet lenders’ plea to delete remarks
The National Company Law Appellate Tribunal (NCLAT) on Tuesday rejected a plea filed by the lenders of Jet Airways India Ltd on technical grounds. The tribunal said that it will not review its own order passed in the matter on 21 October.
In its plea, the lenders of the cash-strapped airline had sought to expunge remarks by the NCLAT which said that the Jalan-Kalrock consortium has completed the Conditions Precedent (CP) with respect to the implementation of the resolution plan.
“The resolution applicant has also completed all necessary conditions precedent satisfactory to the Monitoring Committee,” NCLAT had said in its 21 October order.
The lenders and the successful resolution applicant, Jalan-Kalrock consortium, are fighting a legal suit over the implementation of the resolution plan by the latter. The lenders have claimed that the CPs have not been complied with by the consortium, which has been denying the allegations.
Another plea by Bhartiya Kamgar Sena seeking clarity on the tribunal’s judgement on the payment of PF and gratuity dues to those who retired or resigned after insolvency commencement, was also rejected.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.