Volume 2 Issue 7

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The National Company Law Appellate Tribunal (NCLAT) Expresses Jalan Kalrock Consortium to Share Resolution Plan with Jet Airways Employee.

Date of News: 

20-01-2022

Date of Publication: 

10-02-2022

Unique ID:

202281506

Name of the Author: 

Sonam Awasthy

Field of Law: 

Air and Space Law

Content of News:

NCLAT on 20th January ordered the Kalrock-Jalan consortium who won the bid for Jet Airways to disclose the portion of resolution plans with the airways aggrieved workmen who are seeking for a copy of the approved resolution plan. After 7 month when Mumbai bench of National Company Law Tribunal(NCLAT) permitted Jalan Kalrock consortium resolution plan in June 2021 the development took place. The two member of NCLAT which was headed by chairman justice Ashok Bhushan stated that the consortiums resolution plan for airline was already approve by the NCLAT and there is no more confidentiality and a copy should be provided to the aggrieved party. Along with it they also clarified by stating that they are not persuaded to provide the whole resolution plan to the appellant for hearing purpose, but for the relevant part. Further, the appellate tribunal directed within 3 weeks post 20th Jan the part of resolution plan which deals with the claims of workmen and employees should give to the association. Ravichandaran who was representing association quoted to the new agency PTI by saying the same that NCLAT directed there should not be any confidentiality with the resolution plan with respect of workmen and employees.

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