The National Company Law Tribunal (NCLT) has cleared the Kalrock-Jalan plan to revive Jet Airways, while rejecting the consortium’s demand for historicity of airport slots. The Naresh Goyal-founded airline was shut down in April 2019 under heavy debt.
The tribunal order comes exactly two years after the start of the insolvency proceedings. Jet is the first airline to see resolution under the Insolvency and Bankruptcy Code (IBC). Even as the order paves the way for the grounded airline’s revival, the resumption of operations hinges on negotiations between the consortium and the government on the issue of airport slots.
