Jet Airways, grounded since 2019, took a step closer to revival on Tuesday after a bankruptcy court approved the insolvency resolution plan submitted by Kalrock Capital and Dubai-based entrepreneur Murari Lal Jalan.
The Mumbai bench of the National Company Law Tribunal (NCLT)directed the Jalan-Kalrock consortium to get the required approval and licences to restart the airline within 90 days. The court rejected pleas by lawyers representing the ministry of civil aviation (MoCA) and the Directorate General of Civil Aviation (DGCA) against the approval. DGCA and MoCA had earlier said that the consortium cannot claim historicity on slots that were held by Jet before its bankruptcy. The slots were later distributed to other airlines.
