SME Times News Bureau | 22 Jun, 2021
In a much-anticipated breakthrough in the Jet Airways
resolution, the National Company Law Tribunal (NCLT) has approved the
resolution of Kalrock-Jalan consortium for the bankrupt airline.
The
Mumbai-bench of the tribunal in its verdict on Tuesday gave 90 days to
the aviation regulator DGCA and the Ministry of Civil Aviation to allot
slots to Jet Airways.
It said if the slot allotment is not
completed within the stipulated timeline, then the tribunal may be
approached for an extension in the resolution period.
Last
November, the resolution professional of Jet Airways submitted the
successful resolution plan of Kalrock Capital and Murari Lal Jalan for
the bankrupt airline at the NCLT. The Committee of Creditors (CoC) of
the airline had approved the bid by Jalan and Fritsch in October 2020.
The admitted debt of Jet Airways was Rs 8,000 crore.
In
a statement in December, the consortium had said: "The Jet 2.0
programme is aimed at reviving the past glory of Jet Airways, with a
fresh set of processes and systems to ensure greater efficiency and
productivity across all routes."
As per the resolution plan, Jet
Airways intends to operate all of its historic domestic slots in India
and restart international operations.
