The National Company Law Tribunal (NCLT) on Tuesday approved Jalan Kalrock Consortium's resolution plan for the bankrupt-Jet Airways.
As part of the revival plan NCLT has given 90 days to Director General of Civil Aviation (DGCA) and Aviation Ministry to allot slots to the debt-laden Jet Airways. However, Jet Airways being given its important historic domestic and international routes remains unresolved
The Kalrock-Jalan consortium had proposed to repay banks, financial institutions and employees ₹ 1,200 crore over next five years and plans to establish Jet Airways as a full service airline with 30 aircraft.
Jet Airways, which suspended operations in April 2019, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.
In October 2020, the Committee of Creditors (CoC) of the grounded airline had approved the resolution plan submitted by a consortium of UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.
In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders' consortium led by the State Bank of India.
