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The Hindu
The Hindu
National
The Hindu Bureau

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

Jet Airways NCLAT SBI Harish Salve JKC

The Supreme Court on Wednesday partly heard a State Bank of India-led consortium’s challenge to a decision of the National Company Law Appellate Tribunal to approve a resolution plan proposed by Jalan-Kalrock consortium (JKC) for Jet Airways.

Appearing before a three-judge Bench headed by Chief Justice of India D.Y. Chandrachud, senior advocate Harish Salve, for the SBI consortium, said the situation has become a “nightmare” for the lenders.

The lenders described the NCLAT verdict of March 12 as “ shocking” and a deviation from the Supreme Court direction to encash a ₹150 crore bank guarantee towards the initial tranche payment of ₹350 crore to the banks.

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