Jalan-Kalrock Consortium (JKC) has been asked by the National Company Law Appellate Tribunal (NCLAT) to file an application within 24 hours, which explains the manner of payment for the Rs 350 crore winning bid for bankrupt Jet Airways.

NCLAT has also asked the Committee of Creditors of Jet Airways to file for an appropriate response over the JKC application, which states the condition for an extension on the payment.

The Committee of Creditors has requested JKC to pay Rs 350 crore by 31 August during the proceedings. However, JKC has sought out for an extension in the schedule.

NCLAT said, “Learned Counsel for the Respondent (consortium) seeks liberty and is allowed to file an application within 24 hours. Response to the application be filed by the appellant (lenders) by the date fixed.”

For the next hearing, which is scheduled to happen on 21 August, the two-member bench will comprise Chairperson Justice Ashok Bhushan and Barun Mitra.

According to Senior advocate Ravishankar Prasad appearing for JKC, submitted that the firm will deposit Rs 100 crore by 31 August and will deposit another Rs 100 crore by 30 September. He added for the remaining Rs 150 crore; the lenders can encash a bank guarantee in their favour having the same value.

However, Additional Solicitor General N Venkatraman, appearing for lenders, said the bank guarantee of Rs 150 crore was executed for other expenses for the resolution plan. It cannot be construed as part of the Rs 350 crore.

Currently, the regular affairs of the company are being managed by the Monitoring committee of lenders.