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India's Jet Airways faces ongoing battle with lenders

Jet Airways (9W, Mumbai International) appears no closer to resolving its long-running stoush with creditors, with legal counsel representing a group of lenders telling a National Company Law Tribunal (NCLT) hearing on December 19 that the previously approved resolution plan was now in doubt because the new owners of Jet Airways have allegedly failed to meet payment obligations.

The Kalrock Capital-Murari Lal Jalan consortium went back to the NCLT this week seeking orders to let it proceed with its takeover and implementation plans but experienced considerable pushback from creditors. India's Mint news portal is reporting that the creditors' committee argued that the consortium has failed to pay or undertake to pay lenders and employees per the conditions set out in the June 2021 resolution plan and later NCLT orders.

Rohan Rajadhyaksha, representing the creditor committee, told the NCLT that India's solicitor general had provided advice suggesting conditions precedent in the resolution plan had not been met. A group of lenders led by the State Bank of India, who all incurred substantial losses when Jet Airways...