Jet Airways Gains Over 4% After NCLT Accepts Resolution Plan
Share price of Jet Airways gained more than four per cent on Tuesday, June 22, after the National National Companies Law Tribunal (NCLT) accepted its resolution plan submitted by a consortium of London-based Kalrock Capital and the UAE-based businessmen Murari Lal Jalan. NCLT has given 90 days to the Director-General of Civil Aviation as well as the Aviation Ministry to allot slots to Jet Airways, as part of the revival plan. (Also Read: Jet Airways' Revival Plan Accepted, Routes Yet To Be Decided: Sources )
The Kalrock-Jalan consortium proposed to repay financial institutions, banks, and employees and establish Jet Airways as a full-service airline.
In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders' consortium led by the State Bank of India. The airline has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for the last two years.
Due to financial distress, Jet Airways was debt-ridden and was forced to ground all flights in April 2019, as it attempted to compete with the low-cost rivals. The airline operated a fleet of more than 120 planes for more than two decades, serving several domestic destinations and international hubs such as London, Dubai, and Singapore at the time.Â
The domestic and international routes for Jet remain unresolved as of now. Jet Airways had around 700 time slots, allowing it to land and depart from congested airports including Delhi and Mumbai. After being suspended in April 2019, the Jet's slots were allocated to other airlines.Â
Shares of Jet Airways settled 4.96 per cent higher at Rs 99.45 apiece on the BSE. Meanwhile, on Tuesday, the BSE Sensex ended 14 points higher at 52,588 and Nifty 50 index climbed 26 points to close at 15,773.
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