NCLT Gives Nod to Jalan-Kalrock Consortium’s Resolution Plan For Jet Airways

NCLT Gives Nod to Jalan-Kalrock Consortium’s Resolution Plan For Jet Airways NCLT clears Jalan Kalrock Consortium's resolution plan for Jet Airways-(Photo: @jetairways/Twitter)

New Delhi: The National Company Law Tribunal (NCLT) on Tuesday (June 22) approved Jalan Kalrock Consortium’s resolution plan for the bankrupt-Jet Airways.

The Mumbai bench of the National Company Law Tribunal (NCLT) cleared the resolution plan submitted by UK’s Kalrock Capital and UAE based-entrepreneur Murari Lal Jalan consortium.

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Jet Airways, which suspended operations in April 2019, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years. It had become a scheduled carrier in 1995.

In October 2020, the Committee of Creditors (CoC) of the grounded airline had approved the resolution plan submitted by a consortium of UK”s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders’ consortium led by the State Bank of India under the Insolvency and Bankruptcy Code.

(With inputs from PTI)

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