In a much-anticipated breakthrough in the Jet Airways resolution, the National Company Law Tribunal (NCLT) has approved the resolution of Kalrock-Jalan consortium for the bankrupt Jet Airways.
The Mumbai-bench of the tribunal in its verdict on Tuesday gave 90 days to the aviation regulator DGCA and the Ministry of Civil Aviation to allot slots to Jet Airways.
It said if the slot allotment is not completed within the stipulated timeline, then the tribunal may be approached for an extension in the resolution period.
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 by Jalan and Fritsch in October 2020.
Here’s a brief timeline of the insolvency resolution process of Jet Airways, which started off as an air tax operator in 1993 and became a scheduled carrier in 1995.
- April 17, 2019 — Cash-starved Jet Airways suspends operations.
- June 20, 2019 — National Company Law Tribunal (NCLT) insolvency petition filed by SBI-led lenders’ consortium.
- March 13, 2020 — Jet Airways seek more time for resolution process from NCLT after failing to attract any bidders.
- March 18, 2020 — NCLT allows more time for resolution process.
- June 14, 2020 — NCLT allows Jet Airways to sell its premises in Bandra Kurla Complex (BKC), Mumbai to settle claims, clear overseas debt.
- October 17, 2020 — Committee of Creditors (CoC) approves Jalan Kalrock Consortium’s resolution plan. The consortium also asks for restoration of slots on the basis of historicity
- February 25, 2021 — NCLT grants more time to aviation regulator DGCA to respond to airline’s request for slots.
- March 9, 2021 — DGCA and the civil aviation ministry refuses to give any assurances on slots in an affidavit submitted to NCLT.
- June 3, 2021 — Ministry tells NCLT that Jet Airways does not qualify for grant of slots on the basis of historic precedence.
- June 22, 2021 — National Company Law Tribunal (NCLT) approves Jalan Kalrock Consortium’s resolution plan; says slot allocations will be decided by the ministry or appropriate authority.
(With inputs from PTI, IANS)