The National Companies Law Tribunal (NCLT) on Tuesday approved Jet Airways’ revival plan submitted by a consortium of London-based Kalrock Capital and the UAE-based businessmen Murari Lal Jalan, according to sources.
The Mumbai bench of the NCLT has asked the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) to allot slots to the airline within 90 days.
In February, the DGCA sought more time from the tribunal to clear its stance on Jet’s slots. The aviation ministry temporarily gave most of the slots of Jet Airways to other domestic airlines after it ceased all operations in April 2019.
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Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years. In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders’ consortium led by the State Bank of India.