Jet Airways revival: NCLT to hear Kalrock-Jalan application on Tuesday

The 270-day deadline given to the group to implemey its plan ends on Tuesday; the consortium wants certain days excluded from this time frame in view of another pending application

The Kalrock-Jalan consortium outlined the progress in the revival of Jet Airways on Monday, while seeking more time for the execution of its plans.

The consortium made a submission to this effect before the National Company Law Tribunal. The tribunal will now hear the application on Tuesday as lenders counsel Janak Dwarkadas did not have instructions on the matter.

Last June, the NCLT cleared the consortium’s scheme to revive Jet Airways. As per the plan, the consortium has 270 days to fulfill conditions required for its implementation. The deadline ends on Tuesday and the consortium wants exclusion of a certain number of days from the 270-day time frame in view of another pending application.

Advocate Krishnendu Datta who appeared for the consortium submitted that it has fulfilled three of the five conditions required for implementation of the plan. These include submission of business plan to the government and allotment of airport slots. A fourth condition related to international traffic rights has been waived and the process of validation of the air operator certificate of Jet Airways is underway.

Jet Airways suspended operations in April 2019 due to a cash crunch

The validation exercise is a five stage process and Jet Airways is currently in third stage which consists of review of manuals and documents. The fourth and fifth steps which include inspection of facilities and a proving flight are pending.

The consortium has received security clearances for its board nominees but security clearance of the company is pending. “All approvals are proceeding as per plan,” the consortium said in an emailed response.  It did not immediately respond on the issue of allotment of airport slots to Jet Airways.