In a setback to Jalan Kalrock Consortium, the winning bidder of debt-laden Jet Airways, the Supreme Court has refused to set aside an order of the National Company Law Appellate Tribunal which had asked it to clear the unpaid provident fund and gratuity dues of ₹250 crore to the former employees of the grounded airline.

"In today's hearing the bench of CJI Chandrachud dismissed the appeal of Jalan Kalrock Consortium," said a person aware of the matter.

The appeal was filed by JKC against the recent NCLAT Order of 21st October 2022, which granted Gratuity and PF to workmen and employees of Jet Airways.

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businessline had reported that the consortium was not willing to make any additional payment above the amount approved in its resolution plan.

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After two years, the NCLT approved Jalan-Kalrock Consortium’s resolution plan. Per the revival plan, the consortium proposed a total infusion of ₹1,375 crore. This includes ₹900 crore towards capex and working capital and ₹475 crore to settle claims of all creditors. The ₹475 crore includes ₹380 crore to be paid to lenders, ₹52 crore to employees and workmen, and the remaining towards other operational creditors.

This is not the only tussle the JKC is linked in.

On January 13, the National Company Law Tribunal (NCLT) allowed the application of Jalan Kalrock Consortium to implement its resolution plan for Jet Airways. It also permitted infusion funds into the grounded airline for its revival. Against this, the lenders have appealed stating that the pre-conditions for taking ownership have not been met.

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