Jet back in the skies! NCLT approves Kalrock-Jalan consortium's resolution plan

The National Company Law Tribunal (NCLT) on June 22, approved the Kalrock-Jalan consortium's resolution plan for Jet Airways, with riders.

The Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) have been given 90 days from June 22 to allot slots to the airline. The civil aviation regulator will make the final decision on allotment of slots.

Ashish Chhawchharia, the Insolvency Resolution Professional (IRP) for Jet Airways, said that he was pleased with the NCLT order. He also said he saw no reason for the DGCA to challenge the NCLT's decision. A government official said that the DGCA and civil aviation ministry would study the detailed order before deciding on slots. The process of allocating slots to Jet Airways will take time.

In a recent affidavit submitted to the bankruptcy court, the MCA and the DGCA said Jet Airways could not not claim historicity to obtain the slots and that allocation of slots would be done in accordance with the existing guidelines.