On Tuesday, June 22, the National Company Law Tribunal (NCLT) approved the resolution plan provided by the consortium of entrepreneur Murari Lal Jalan and Kalrock Capital to bring back Jet Airways which ceased operations citing a financial crisis in 2019.
In its order, the NCLT asked the Ministry of Civil Aviation and the Directorate General of Civil Aviation to allot airport slots for Jet Airways within 90 days. The NCLT bench also included provisions to allow further extension of the effective date, if required.
A press statement by the Jalan-Kalrock Consortium read, “The Consortium takes this opportunity to thank all the stakeholders who supported the Consortium in this long journey until now and the Consortium seeks their continued support and encouragement on the way forward.”
“The Consortium maintains its stand that it wants to work alongside the Ministry of Civil Aviation, the Directorate General of Civil Aviation (DGCA) and all its competitors to put Jet Airways back in the skies,” it further read.
Previously, the Union Government submitted an affidavit stating that Jet Airways cannot claim airport slots and that the slots allocated to the airline were distributed to other domestic airlines after Jet shut down operations two years ago.
The initial bid put forth by the Jalan-Kalrock consortium received the approval of the Committee of Creditors in October 2020. The resolution plan offered by the consortium proposes repaying the employees and creditors around ₹1,200 crores over the next five years. It also plans to bring back Jet Airways as a full-service airline with a fleet of 25-30 aircraft.
Also read - Kalrock-Jalan Consortium Will Invest ₹1,000 Crores To Revive Jet Airways
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