What is the latest on the PNB plea to NCLAT on the Jet insolvency process?

The NCLAT issued a notice over PNB's plea to quash the Kalrock Jalan resolution plan for Jet Airways. The NCLAT bench has directed the Resolution Professional of Jet Airways and the COC to file a reply within 2 weeks. It may be recollected that PNB had challenged the approval of the Resolution Plan by Kalrock-Jalan Consortium by the NCLT in June this year. PNB had been aggrieved about the arbitrary reduction in its claim by nearly 80%.

Earlier, the staff of Jet Airways had also sought quashing of the deal as all dues submitted were not included by the consortium and pending dues were rejected. Jet Airways had suspended operations in April 2019 with debts of Rs.8,000 crore after it ran out of cash.