Mumbai, 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.