PNB urges NCLAT to quash Jet Airways rescue plan, here’s why

The PNB’s request could delay the return of Jet Airways which was grounded two years ago. 

New Delhi: Punjab National Bank (PNB) on Thursday urged the National Company Law Appellate Tribunal to quash Jet Airways’ rescue plan. The state-owned lender has alleged irregularities in the defunct debt-laden carrier’s account as the reason why the rescue plan should be halted for now.  The PNB’s request could delay the return of Jet Airways which was grounded two years ago. Notably, last month, a consortium of London-based Kalrock Capital and a UAE-based businessman had agreed to invest about Rs 1000 crore in Jet Airways as capital to bail out the carrier from its debt that started building up in 2019.  PNB is currently arguing that the “Jet’s court-appointed rescue official had initially accepted its claim of nearly 10 billion rupees ($137 million) from the airline’s backers, but then reduced it by 2 billion rupees”, according to its tribunal filing quoted in a report by Reuters.