NCLT approves Kalrock-Jalan consortium plan for Jet Airways with riders

The Resolution Plan submitted by the Jalan Kalrock Consortium for the corporate insolvency resolution of Jet Airways (India) Ltd was approved earlier today by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench. The Consortium awaits the written order by the National Company Law Tribunal approving the Resolution Plan and shall inform all stakeholders on next steps for the revival of Jet Airways.

NCLT asks the DGCA, Aviation Ministry to decide on slots within 90 days. A two-member bench of the NCLT pronounced its final ruling on the Kalrock Capital and Murari Lal Jalan consortium resolution plan for Jet Airways on June 22. Jalan had claimed that the consortium intends to get Jet back in the skies within four to six months of getting the approval. NCLT says the airline will have no historic right over landing slots.