Lawyers involved with the process said that they have approached the court to accept this new plan as the consortium is getting funding from Dubai. Since both promoters are NRIs, it takes time to get permission from the Reserve Bank of India (RBI) as this is governed under the Foreign Exchange Management Act. Bank holidays delayed the process of securing a fresh guarantee. "This plan of payment will enable us to adhere to the Supreme Court's directives, ensuring that the consortium already has ₹150 Crores in India which can immediately be deposited in the share application of Jet Airways," a lawyer said. Read The Rest at :
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