Jet shares continue to rise; monitoring committee for airline in place

Continuing on its upward trajectory, shares of grounded Jet Airways gained nearly five per cent to touch its upper price limit on Tuesday.

Since National Company Law Tribunal (NCLT) approved Jalan Kalrock Consortium's resolution plan for the airline on June 22, the scrip has been on the rise.

On Tuesday, it closed at Rs 126.80 apiece -- also the upper price band -- on the BSE. It ended at the same level on the NSE too.

The stock had climbed 4.96 per cent to Rs 99.45 on both the BSE and NSE on June 22, the day NCLT approved the resolution plan for the carrier.

 

A seven-member monitoring committee has been constituted to manage the day-to-day affairs of Jet Airways till the insolvency resolution process is complete.

"The first meeting of monitoring committee was duly held on 28th of June, 2021 and the monitoring committee was also duly constituted in its first meeting," a regulatory filing said late Monday.

These actions -- in respect of the appointment of the committee, implementation of the resolution plan and duties and functions of the committee -- will be taken in accordance with the terms of the resolution plan. Further, they would be subject to any directions that may be issued by the NCLT in this regard, as per the filing.

The panel includes members appointed by the Jalan Kalrock Consortium and the lenders.

Ashish Chhawchharia, who ceased to be the company's resolution professional, is now the authorised representative of the monitoring committee.

The full-service carrier, which suspended operations in April 2019, was undergoing Corporate Insolvency Resolution Process (CIRP).