In the year 2019, the country’s largest airline company Jet Airways was closed due to lack of funds. Later Kalrock-Jalan made the highest bid for it. Now NCLT has given permission to operate airways with passengers.
There has been news of relief for Jet Airways, the country’s oldest private airline going through a crisis. On Tuesday, the National Company Law Tribunal (NCLT) approved the Kalrock-Jalan consortium plan for Jet Airways. Through this, now Jet Airways will be able to fly again with passengers. It is known that in the year 2020, the Murari Lal Jalan-Kalrock Capital alliance won the bid for Jet Airways. After which there was hope of re-operation of Jet Airways.
According to a CNBC-TV18 report, the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation (MCA) have been given 90 days from June 22 to allot slots to the airline. The civil aviation regulator will take the final decision on allotment of slots. Jet Airways Insolvency Resolution Professional (IRP) Ashish Chhawchharia has expressed happiness over this decision of NCLT. He said in an interview to the channel that he does not find any reason to challenge the decision of NCLT by DGCA.
According to the news report, the DGCA and the Ministry of Civil Aviation will study the detailed order before deciding on the slot. Hence the process of allotting slots may take time. It is to be known that a bench headed by judicial members Janab Mohammad Ajmal and V Nalsenpati had reserved its order on this issue after hearing the applicant, lenders, DGCA and all other parties on the successful resolution matter. The verdict has been given on this today. This will allow the airline to resume operations.
this was the case
Jet Airways was considered to be the oldest and largest private airline in India. It was closed in the year 2019 after a severe shortage of funds. At that time, the SBI-led consortium was referred to the NCLT for resolution under the Insolvency Code. During this time the slots of Airways were allotted to other airlines. Jet Airways was bought by Kalrock-Jalan in the year 2020. As per the resolution plan, the Kalrock-Jalan consortium proposes to expand this to 120 within 5 years. This will include domestic, international and cargo aircraft.
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