The National Company Law Tribunal (NCLT) allowed the winning bidder more time to pay the creditors’ debts after approving the sale of bankrupt Jet Airways to the Jalan Kalrock consortium on Friday.
Recent decisions have been made regarding two petitions that the consortium filed. The first petition asked for permission to transfer ownership, and the second asked for an extension of time to pay creditors’ debts.
The consortium had previously been allowed until November 16, 2022 by the tribunal to pay the airline’s creditors.
This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.