MUMBAI: In a major step towards its resurrection, the National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan submitted by Kalrock-Jalan consortium. The consortium will now apply for the relevant government approvals before it can recommence operations.
“The NCLT approval will be valid for 90 days from today, following which the airline will have to approach the tribunal again for an extension,” said a source. “This is the first airline to get an approved to restart operations under India’s Insolvency and Bankruptcy Code,” the source added.
Mounting debt had forced Jet Airways to suspended its flights in April 2019. After over a year of being shut down in last October, a Jet Airways committee of creditors approved the revival plan submitted by the Kalrock-Jalan consortium.
