Jet Airways Is Back! NCLT Approves Kalrock-Jalan’s Resolution Plan
NCLT approves Kalrock-Jalan consortium’s resolution plan for Jet Airways
The National Company Law Tribunal (NCLT) on June 22 approved the Kalrock-Jalan consortium’s resolution plan for Jet Airways. The two-member bench approved the plan with riders. The bench was presided by judicial members: Janab Mohammed Ajmal and V Nallasenapathy. They had reserved its order after hearing all parties.
And we did it, @jetairways is back, NCLT court has given official approvals for the @JalanKalrock revival plans, well done to everyone who kept the faith, let’s begin rebuilding #9W 🙏🏻🛫🇮🇳🥳 pic.twitter.com/PNQmwxBjpx
— Jet Airways 2021 (@jetairways2021) June 22, 2021
The Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) have been given 90 days from June 22 to allot slots to the airline, CNBC-TV18 has reported.
After Jet Airways was grounded in April 2019, its slots were allocated to other airlines. The civil aviation regulator will make the final decision on the allotment of slots.
Insolvency Resolution Professional (IRP) for Jet Airways, Ashish Chhawchharia told CNBC-TV18 that he was pleased with the NCLT order. He added that there us no reason now for the DGCA to challenge the NCLT’s decision.
In October 2020, the Murari Lal Jalan-Kalrock Capital alliance won the bid for Jet Airways. Thus giving the defunct airline a chance to restart operations. As per the resolution plan, the successful bidder has proposed a total cash flow of Rs 1,375 crore for the revival of Jet. The revival plan expects to start operations with 30 aircraft within six months from the approval of the plan by NCLT.
Jet Airways is India’s oldest and once largest private airline. It has been under insolvency since June 2019.