Punjab National Bank asks NCLAT to stay nod to Jet Airways' revival plan
Punjab National Bank asks NCLAT to stay nod to Jet Airways' revival plan

The National Company Law Appellate Tribunal (NCLAT) has agreed to hear the petition of Punjab National Bank against the passing of resolution plan for the beleaguered Jet Airways on the grounds of irregularity and contravention of law.

The Bank, PNB, which is an admitted financial creditor to the now grounded airline, has claimed that during the insolvency procedure, the assenting and dissenting creditors were discriminated against by the resolution professional. The bank argues that the insolvency court approved the resolution plan without ruling on PNB's objections to the alleged differential and discriminatory treatment by the resolution professional.

Also calling for a stay on the implementation of the resolution plan, Punjab National Bank told the appellate tribunal that there was not only contravention of the provisions of the Insolvency and Bankruptcy Code in dealing with the resolution plan, but also gross irregularity on the part of the resolution professional. The appellate tribunal had issued notice on PNB's plea and will hear the case on issue of stay of the plan on September 21.

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