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NCLT approves resolution plan for revival of Jet Airways

Times of India  

The National Company Law Tribunal (NCLT) has cleared the resolution plan submitted by the Kalrock-Jalan consortium for Jet Airways. The consortium will now apply for the relevant government approvals before it can recommence operations. The NCLT approval will be valid for 90 days from June 22, following which the airline will have to approach the tribunal again for an extension. Mounting debt had forced Jet Airways to suspend its flights in April 2019. Last October, a Jet Airways committee of creditors approved the revival plan submitted by the Kalrock-Jalan consortium. The consortium proposed to invest INR 600 crore to repay creditors to acquire an about 90% stake in the carrier.