The National Company Law Appellate Tribunal (NCLAT) has granted partial relief to the Jalan-Kalrock Consortium (JKC) regarding payment terms for acquiring the bankrupt Jet Airways. JKC, which won the bid for Jet in 2021, had appealed to NCLAT for a one-month extension to pay Rs 100 crore and adjust the Rs 150 crore performance bank guarantee.

Previously, JKC had to pay rs 350 crore to Jet's Committee of Creditors (CoC) by August 31. But NCLAT gave JKC until September 30 for the Rs 100 crore payment and said there will be a decision on other appeals after that.

The Chamber of Commerce argued that JKC had not fulfilled conditions such as the sale of Jet's BKC property for the purpose of adjusting the bank guarantee. It wanted the full Rs 350 crore payment upfront. But NCLAT's ruling provides some respite for JKC as it moves inches closer to reviving Jet, having renewed its air operator certificate this month.

The court said appeals from Jet's employee associations will be heard separately. Earlier, employees sought rs 224 crore dues approval from JKC, which has so far agreed to pension payments only. The next hearing is on October 4.