NCLT approves Kalrock-Jalan consortium’s resurrection plan for Jet Airways

On the 22nd of June, the National Company Law Tribunal (NCLT) gave the go-ahead to the Kalrock-Jalan consortium’s resolution plan for Jet Airways. The Mumbai tribunal of the NCLT has given 90 days starting June 22 to the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) for the allotment of slots to the airline, reported CNBC-TV18. The Insolvency Resolution Professional (IRP) for Jet Airways company, Ashish Chhawchharia spoke to CNBC-TV18 and mentioned that he was beyond happy with the NCLT order and that he heeded no reason for the DGCA to counter the NCLT’s decision.

The allocation process is deemed to take time as a government official has mentioned to the news channel that the DGCA and civil aviation ministry would analyse in detail the order prior to deciding on slots. In April of 2019, Jet Airways was grounded and the liquidation proceedings were begun against the airline in June 2019. During this time the Jet Airways slots were designated to other airlines.

Murari Lal Jalan-Kalrock Capital alliance placed a bid for the company in October 2020 and proceeded to win the bid for Jet Airways, providing the grounded airline a chance at a fresh start.

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

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