Jet Airways’ revival hopes continue to stay afloat somehow, with its winning bidders granted an extension to pay lenders their dues. The airline’s initial 180-day deadline to repay its creditors as part of the recovery plan was up. But the airline has been given one more chance to make things rights
India’s National Company Law Appellate Tribunal (NCLAT) has allowed Jet Airways’ winning bidder, the Kalrock-Jalan Consortium, more time to pay their lenders and restart the necessary procedures to bring the carrier back to life.
Jet Airways was in a precarious position as its original 180-day deadline to fulfill its payment obligations came to an end on May 14th. But the NCLAT has asked the lenders not to encash the bank guarantee of around $21 million furnished by the consortium until it is certain that they cannot implement the plan.