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NCLAT sets December 11 hearing for SBI and JKC dispute

EditorNikhilesh Pawar
Published 2023-11-22, 10:08 a/m
Updated 2023-11-22, 10:08 a/m

The National Company Law Appellate Tribunal (NCLAT) has denied further postponements in the ongoing case between a consortium of lenders led by the State Bank of India (SBI) and Jalan-Kalrock Consortium (JKC), with a decisive hearing scheduled for December 11. The SBI had sought a delay due to a conflicting Supreme Court hearing on December 5 concerning Jet Airways.

In October, the lenders appealed to the Supreme Court over allegations that JKC was not complying with the conditions of the resolution plan. They filed Interlocutory Applications against JKC, accusing them of opaque funding practices involving Rs 200 crore and failing to complete the ownership transfer terms. Additionally, Jet Airways' workmen are claiming Rs 224 crore from JKC.

During proceedings, the counsel highlighted that although JKC had paid Rs 350 crore, they were reluctant to move forward without addressing the compensation issue for Jet's workmen. There is also a growing concern about accruing interest losses as the case drags on. The NCLAT's decision to move forward with the hearing aims to resolve these disputes and bring long-awaited clarity to all parties involved.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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