The Jalan Kalrock consortium, successful bidders of Jet Airways, have infused the first tranche of Rs 100 crore as a part of the process to take over the grounded airline.
The infusion comes after the National Company Law Appellate Tribunal allowed it to make payment in tranches earlier this week.
“JKC confirms to have deposited Rs 100 crore in Jet Airways in less than 48 hours of the NCLAT allowing implementation of revival plans. With this infuison, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crore in Jet Airways by September 30th 2023 to take control of the iconic airline, Jet Airways,” JKC said in a statement.
NCLAT had granted an extension to pay Rs 350 crore to its lenders. The appellate tribunal has granted time till September 30 to make the payments.
The appellate tribunal has also permitted an adjustment of Rs 150 crore from an existing performance bank guarantee towards the Rs 350-crore payment. The case will now come up on October 4 for further consideration.
The consortium sought an extension of time until September 30 to pay Rs 350 crore. They intend to deposit Rs 100 crore by August 31 and another Rs 100 crore by September 30. They have urged the Committee of Creditors (CoC) to utilize a performance bank guarantee (PBG) of Rs 150 crore towards the remaining amount.