National Companies Law Tribunal (NCLT) on today approved the Jet Airways’ revival plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
NCLT has given 90 days to the Director General of Civil Aviation (DGCA) and Aviation Ministry to allot slots to the debt-laden Jet Airways.
The Kalrock-Jalan consortium had proposed to repay banks, financial institutions and employees Rs 1,200 crore over next five years and plans to establish Jet Airways as a full service airline with 30 aircraft. However, the Aviation Ministry had argued that the airline cannot bank on historicity to claim the slots. The civil aviation regulator will make the final decision on allotment of slots. After Jet Airways was grounded in April 2019, its slots were allocated to other airlines.
The two-member bench of Janab Mohammed Ajmal and V Nallasenapathy had earlier reserved the order after hearing all the parties. The share price of Jet Airways jumped over 270 per cent in the last 9 months.