With the approval of the National Company Law Tribunal (NCLT) to the resolution plan of Kalrock-Jalan consortium, the Corporate Insolvency Resolution Process (CIRP) of Jet Airways has concluded. As per the plan, a monitoring committee will be set up to oversee the implementation of the resolution plan along with managing the day-to-day operations of the grounded airline till the closing date.
With the end of the CIRP, Ashish Chhawchharia has ceased to be the resolution professional of the company, effective on and from June 25, 2021, the airline said in a regulatory filing.
The seven-member monitoring committee would constitute of three members appointed by the resolution applicant, three members appointed by the financial creditors having highest share in the CoC and an independent insolvency professional appointed by the financial creditors, preferably the existing resolution professional.
“In terms of the resolution plan, the implementation of the resolution plan is proposed to be supervised by the Monitoring Committee, terms of appointment and duties of the Monitoring Committee will be as set out in the resolution plan and the day to day operations and the management of the company shall be carried out by the Monitoring Committee until the closing date as defined in the resolution plan,” the filing said. It added that the first meeting of Monitoring Committee shall be held upon its constitution.
The now-grounded Jet Airways is likely to take the skies again within six months from now. On June 22, the Mumbai bench of the NCLT approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots.
Talking to IANS, Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) President Ashish Mohanty, said that as per the order, within 90 days, the Ministry and the Directorate General Civil Aviation should consider the request for slots, so that it will help Jet Airways to be back in the skies sooner.
He added that Aircraft Operating Certificate (AOC) will have to be revived as soon as possible and clearance obtained from regulating authorities like DGCA and others. Training of pilots, engineers, crew and other licenced members are important requirements.
Further, the 12 aircraft of the airline which have been grounded for past two years need to be restored after maintenance and made operational. Last November, the resolution professional of Jet Airways submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the NCLT. The Committee of Creditors (CoC) of the airline had approved the bid in October 2020.