 "NCLT to pass order on Kalrock-Jalan's plan for Jet Airways revival today")
The National Company Law Tribunal (NCLT) will pass its order on the Kalrock-Jalan consortium’s plan for revival of Jet Airways on Tuesday.
The airline suspended operations in April 2019 and is under insolvency for nearly two years. It has admitted creditor claims of over Rs 15,000 crore.
The Kalrock-Jalan consortium, which was selected by a Committee of Creditors last October has proposed to repay financial creditors and employees around Rs 1,200 crore over five years and hopes to re-establish Jet Airways as a full service airline with 30 aircraft.
The consortium has demanded a historicity regarding airport slots used by Jet Airways prior to its collapse and the tribunal ruling on this aspect will be keenly watched.
The airline suspended operations in April 2019 and is under insolvency for nearly two years. It has admitted creditor claims of over Rs 15,000 crore.
The Kalrock-Jalan consortium, which was selected by a Committee of Creditors last October has proposed to repay financial creditors and employees around Rs 1,200 crore over five years and hopes to re-establish Jet Airways as a full service airline with 30 aircraft.
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