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NCLT Clears Kalrock-Jalan Resolution Plan

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Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years

Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years

The Mumbai bench of the NCLT has asked the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) to allot slots to the airline within 90 days, according to reports

The National Company Law Tribunal (NCLT) on Tuesday paved ways for Jet Airways to come back by approving the Kalrock-Jalan consortium’s resolution plan. The Mumbai bench of the NCLT has asked the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) to allot slots to the airline within 90 days, CNBC TV18 reported. A government official told CNBC TV18 that the DGCA and civil aviation ministry would study the detailed order before deciding on slots.

In February, the DGCA sought more time from the tribunal to clear their stance on Jet’s slots. The aviation ministry temporarily gave most of the slots of the Jet Airways to other domestic airlines after it ceased all operations in April 2019.

“In some airports it may not be possible to operate the exact same slots. If everything goes well, we can hope by end of this year Jet Airways can fly again,” Ashish Chhawchharia, the court-appointed professional running the carrier’s insolvency told Bloomberg.The revival plan also included a dedicated freighter service and hubs in smaller cities beyond Delhi, Mumbai and Bengaluru.

Jet Airways, once India’s biggest private carrier, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years. In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders’ consortium led by the State Bank of India.

In October 2020, the Committee of Creditors (CoC) of the grounded airline had approved the resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

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