The effective date of the resolution plan has been set as 16 November. As a result, the consortium will get 180 days from the said date to make payments to lenders.
The lawyer representing the lenders sought a two-week stay on the ruling, but was declined. The lenders now have the option of appealing the order, a person familiar with the development said, requesting anonymity.
In its written order, NCLT noted that NCLAT, the appellate tribunal, in an October order already held that the consortium has met all necessary conditions for ownership transfer to the satisfaction of the monitoring international committee. On traffic rights, another core issue between lenders and the consortium, NCLT said that international traffic clearance can only be obtained from civil aviation regulator Directorate General of Civil Aviation (DGCA) after Jet Airways has 20 aircraft in operation, which can only be achieved once the operation is re-commenced successfully.
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