New Delhi: The National Company Law Tribunal (NCLT) on June 22, approved the Kalrock-Jalan consortium's resolution plan for Jet Airways, with riders. Jet Airways, which suspended operations in April 2019, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.
According to reports, The Mumbai bench of the NCLT has given the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) 90 days from June 22 to allot slots to the airline.
After Jet Airways was grounded in April 2019, its slots were allocated to other airlines. The insolvency proceedings were initiated against the airline in June 2019. 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 a recent affidavit submitted to the bankruptcy court, the MCA and the DGCA said Jet Airways could not claim historicity to obtain the slots and that allocation of slots would be done in accordance with the existing guidelines.
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