The National Company Law Appellate Tribunal (NCLAT) on Wednesday stated that it would not entertain more requests for adjournment in the State Bank of India (SBI)-led consortium of lender’s appeal against Jalan-Kalrock Consortium (JKC).
“We make it clear that no request for adjournment by either side will be entertained on the next date,” the bench said, listing the matter for December 11.
The State Bank of India counsel had asked for an adjournment, as the apex court will take up the Jet Airways’ matter on December 5.
The lenders had approached the SC in October, claiming that the resolution plan could not be implemented as the consortium had failed to comply with conditions.
The counsel for JKC, however, pleaded that the matter be heard.
But the counsel representing the lenders, led by State Bank of India, argued that the consortium was showing urgency in the appellate tribunal but seeking adjournments in SC.
“They have been filing Interlocutory Applications in our appeals, and nothing is happening. We have brought this to the Supreme Court’s notice, and the Supreme Court will be hearing five matters together,” added the counsel.
He further stated that the airline was now asking for a restoration of Rs 200 crore, which it had deposited in two installments in August and September. The JKC consortium has submitted Rs 350 crore until now.
“It doesn’t want to go ahead with the plan unless the workman’s compensation aspect is decided,” added the SBI counsel.
Jet’s workmen’s groups have been demanding that JKC pay nearly Rs 224 crore in dues, including pension and gratuity payments.
JKC’s counsel argued that they are losing on the interest component of the deposited money each day the resolution process gets delayed.
JKC has been seeking the transfer of ownership of the airlines from the lenders. However, lenders allege that JKC hasn’t adhered to the resolution plan since it has hidden the source of money sued for payment of Rs 200 crore.
