NCLT approves Jet Airways revival plan

The National Company Law Tribunal (NCLT) has approved the revival plan for grounded airline Jet Airways on Tuesday. It has approved the resolution plan for Jet Airways submitted by the Kalrock-Jalan consortium, giving a ray of hope to the airline. The Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) have been given 90 days to allot slots to the airline. Now the DGCA and MCA will study the detailed order before deciding on slots.

In a recent affidavit submitted to the bankruptcy court, the MCA and DGCA said that Jet Airways may not be in a position to claim historical slots. The government and the civil aviation regulator also said that the allocation of slots would be done in accordance with existing guidelines. Jet Airways was grounded in April 2019 after suffering a severe financial crunch. An SBI-led consortium had then referred it to the NCLT for resolution under the insolvency and bankruptcy code (IBC).In October 2020, a consortium led by Murari Lal Jalan and Kalrock Capital secured the bid for Jet Airways after several rounds of talk. Kalrock Capital is a UK-based asset management company and Murari Lal Jalan is a UAE-based entrepreneur.