The National Companies Law Tribunal (NCLT) on Tuesday approved the revival plan submitted by new owners of Jet Airways.
As part of the revival plan, NCLT has given 90 days to the Director-General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MoCA) to allot slots to the consortium of UAE-based businessmen Murari Lal Jalan and the London-based Kalrock Capital.
However, the issue about the historic routes of Jet Airways remains unresolved and more talks are needed to determine its domestic and international routes.
The Director General of Civil Aviation will make the final decision on allotment of slots.
It is worth mentioning that Jet Airways had about 700-time slots, allowing it to land and depart from congested airports such as Mumbai and Delhi. After the suspension of operations in April 2019, Jet Airways’s slots were allocated to other airlines.
Ashish Chhawchharia, the Insolvency Resolution Professional (IRP) for Jet Airways, told CNBC-TV18 that he was pleased with the NCLT order. He also said he saw no reason for the DGCA to challenge the NCLT’s decision.
As per a government official, the DGCA and civil aviation ministry would study the detailed order before deciding on slots. The process of allocating slots to Jet Airways will take time.
The slots of Jet Airways were allocated to other Indian airlines after the airline was grounded in April 2019. The insolvency proceedings were initiated against the airline in June 2019.
In October 2020, the Murari Lal Jalan-Kalrock Capital alliance won the bid for Jet Airways, giving the defunct airline a chance to restart operations.