The National Company Law Tribunal (NCLT) On Tuesday gave its green light for the Kalrock-Jalan Consortium’s resolution plan for the revival of Jet Airways with riders. The Mumbai bench of the tribunal has asked aviation regulator Directorate General of Civil Aviation (DGCA) and the aviation ministry to decide on the slots within 90 days from Tuesday.

After being grounded in April 2019, the airline slots were allocated to other airlines. The bench presided by judicial members - Janab Mohammed Ajmal and V Nallasenapathy had reserved its order after hearing all parties, including the successful resolution applicant, lenders, DGCA and others.

The Jet Airways insolvency was underway for nearly two years. It has admitted creditor claims of over Rs 15,000 crore.

The consortium, in October 2020, won the bid for Jet Airways, after it proposed to repay financial creditors and employees around Rs 1,200 crore over five years and hopes to re-establish Jet Airways as a full service airline with 30 aircraft.


This is a developing story. 

TAGS

Disclaimer: Comments posted here are the sole responsibility of the user and do not reflect the views of THE WEEK. Obscene or offensive remarks against any person, religion, community or nation are punishable under IT rules and may invite legal action.