Jalan-Kalrock consortium asked to share resolution plan with Jet’s workmen

The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share portions of the resolution plan pertaining to claims of employees with the airline’s workmen.

The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction has come on a plea filed by the association.

The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock Consortium’s resolution plan in June 2021.

A two-member NCLAT bench, headed by Chairman Justice Ashok Bhushan, said as the consortium’s resolution plan for the airline has already been approved by the NCLT, the plan “is no more confidential” and a copy should be provided to the aggrieved person.

“We are not inclined to issue a direction to provide the entire resolution plan to the appellant for hearing. We, however, are fully satisfied that the appellant is entitled for the relevant part of the resolution plan to the claims of the workmen and employee,” the NCLAT said.

Further, the appellate tribunal directed that the part of the resolution plan which deals with claims of workmen and employees should be given to the association within “three weeks from today”.

The NCLAT’s detailed judgement on the matter is expected soon, while for now, it has made an oral pronouncement.

K S Ravichandran, who represents the association, said they had asked for the copy of the resolution plan.

“NCLAT has directed that there is no confidentiality with respect to the resolution plan after its sanction by NCLT. In respect of workmen and employees, that portion of the resolution plan shall be furnished to the appellants and this order is directed against the successful resolution applicant,” Ravichandran told PTI.

In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor