Jet Airways is back! NCLT approves Kalrock-Jalan consortium’s resolution plan

The National Company Law Tribunal (NCLT) has approved the Kalrock-Jalan consortium’s resolution plan for Jet Airways, with riders.

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.

The civil aviation regulator will make the final decision on the allotment of slots.

Ashish Chhawchharia, the Insolvency Resolution Professional (IRP) for Jet Airways, told CNBC-TV18 that he was pleased with the NCLT order. He also said he saw no reason for the DGCA to challenge the NCLT’s decision.

A government official told the news channel that the DGCA and civil aviation ministry would study the detailed order before deciding on slots. The process of allocating slots to Jet Airways will take time.

Jet Airways was the oldest private airline in India when it shut operations in Apr 2019 due to a severe scarcity of funds. The resolution process for the 25-year-old airline began in NCLT in June 2019.  Under the resolution process, Jalan-Kalrock Consortium emerged as the winning bidder for Jet Airways.- Money Control


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