The Jet Airways' revival plan submitted by a consortium of London-based Kalrock Capital and the UAE-based businessmen Murari Lal Jalan was approved by the National Companies Law Tribunal (NCLT) on Tuesday, sources told NDTV. As part of the revival plan, NCLT has given 90 days to Director General of Civil Aviation and Aviation Ministry to allot slots to the debt-laden Jet Airways.
However, sources said the matter about Jet being given its historic routes remains unresolved and more talks are needed to determine its domestic and international routes. Jet Airways had about 700 time slots, allowing it to land and depart from congested airports such as Mumbai and Delhi. After being suspended in April 2019, Jet Airways's slots were allocated to other airlines.
Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) since the last two years.
In October 2020, the Committee of Creditors (CoC) of Jet Airways had approved the resolution plan submitted by a consortium of UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan.
The Kalrock-Jalan consortium had proposed to repay banks, financial institutions and employees and establish Jet Airways as a full service airline.
In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders' consortium led by the State Bank of India.
Jet Airways was forced to ground all flights In April 2019, crippled by mounting losses as it attempted to compete with low-cost rivals. The airline operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai at the time.
