The National Company Law Tribunal (NCLT) gave its approval for the revival plan of Jet Airways and as such the airlines could be back in the skies by the end of this year.
On Tuesday, NCLT’s Mumbai bench approved the resolution plan. The plan for revival was submitted by a consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan who now owns the jet.
“Based on discussions I have been having, given the order has been received today, I think it would be a fair estimate to say that by the end of this calendar year we can hope to Jet in the skies again,” Ashish Chhawchharia, Head of Restructuring Services at Grant Thornton Advisory.
It is difficult to say by when the issues of slots will be resolved. But Ashish said he was hopeful since the effective date for implementation of the plan is 90 days from the date of approval.
Jet Airways was forced to ground all flights in April 2019, crippled by mounting losses. The carrier owes over ₹ 8,000 crore to banks, with public sector lenders having significant exposure.