The issue of allocation of airport slots to Jet Airways (India) Limited could be resolved in the next fortnight, the Mumbai bench of the National Company Law Tribunal (NCLT) was informed on Monday. Counsels for the winning bidders for Jet Airways—UAE-based businessman Murari Lal Jalan and UK-based Kalrock Capital—ministry of civil aviation (MoCA), and the Directorate General of Civil Aviation (DGCA), hoped for an amicable resolution to the issue after a series of meetings.
The two-judge Mumbai NCLT bench of Janab Mohammed Ajmal and V. Nallasenapathy will hear the case next on 15 April.
Premium Lawyers representing the Jalan-Kalrock consortium had at the previous hearing on 24 March sought the NCLT's permission to enter into discussions with the civil aviation regulator DGCA on restoring airport slots of the airline. The MoCA and DGCA had then sought time from the NCLT to deal with the affidavit submitted by Jalan-Kalrock consortium regarding the allotment of slots.
On Monday, the NCLT was informed that the ministry and the DGCA haven't filed the affidavit the court has earlier asked them to submit, with a view that further meetings between the counsels of the consortium and MoCA/DGCA will resolve the issue of slots.
The NCLT was also informed that MoCA and DGCA had appointed a nodal officer to address the issue of slots with the resolution applicant, with both sides optimistic of a resolution of the issue in coming weeks.
DGCA and MoCA had in March told the NCLT that the consortium will have to apply afresh for airport slots that were taken away from it when the airline was grounded in April 2019.
Lawyers representing the DGCA and MoCA then said no slot was immediately available, but an application submitted by Kalrock-Jalan consortium will be considered.
The winning bid for Jet Airways submitted by Jalan-Kalrock is currently before the bankruptcy court for approval.
Premium Premium In October 2020, a committee of creditors (CoC) of Jet Airways had approved the revival plan submitted by the Kalrock-Jalan consortium. The consortium has proposed to invest Rs600 crore in the first two years in the grounded airline to repay creditors and acquire an 89.79% stake in the carrier.
The landing and take-off slots of Jet Airways, which have been redistributed to other airlines—with some of them at the country's busiest airports such as New Delhi and Mumbai—are in high demand. Having slots allows a scheduled airline to carry out landing and departure at an airport during a specific time period.
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