JKC withdraws plea to put ₹200 cr in escrow account

The withdrawal comes after the National Company Law Appellate Tribunal refused to give any relief to KC

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The Jalan Kalrock Consortium (JKC), the successful bidder of the grounded Jet Airways, on Tuesday withdrew its plea before the NCLAT to move Rs 200 crore, which it paid to lenders, to an escrow account.

The withdrawal comes after the National Company Law Appellate Tribunal (NCLAT) refused to give any relief to JKC.

An NCLAT bench headed by Chairman Justice Ashok Bhushan said the matter is already before the Supreme Court. Following this, the Consortium of Murari Lal Jalan and Florian Fritsch withdrew the appeal.