Jet rescue plan unworkable, say lenders

The Jalan-Kalrock Consortium (JKC) has not met various pre-conditions to take over Jet Airways, lenders to the bankrupt airline said, adding its rescue plan is unworkable and liable to be set aside.

- Krishna Yadav

The lenders voiced their disapproval during a Supreme Court hearing on several appeals challenging JKC’s ownership of the airline before a bench led by Chief Justice D.Y. Chandrachud.

This was challenged by JKC’s lawyers, who said the company wants to restart the airline but its plans have been delayed since lenders have challenged it despite JKC making the mandatory payments.

Lenders contended that the plan is non-workable, citing breaches of court orders and a failure to comply with conditions precedent, particularly in relation to payments to the workers.