Jet Airways on revival runway

Two years after the once-storied Jet Airways went bankrupt, the National Company Law Tribunal (NCLT) on Tuesday gave its nod to the Jalan Kalrock Consortium’s bid for the airline and the resolution professional is hopeful that the carrier will be back in the skies by the end of this year.

While the detailed written order is awaited, the tribunal made it clear that it will not give any direction on the issue of airport slots for the airline, saying that the matter will be handled by the government or the appropriate authority concerned.

Financial distress forced Jet Airways, which flew for more than two decades, to suspend operations on April 17, 2019 and a consortium of lenders, led by the State Bank of India (SBI), filed an insolvency petition in June 2019, to recover outstanding dues worth over Rs 8,000 crore.

In an oral order, an NCLT Mumbai bench chaired by Mohammed Ajmal and V Nallasenapathy, approved the resolution plan for Jet Airways that will have to be implemented in 90 days starting from June 22.

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