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Tag: jet airways nclt

  • Jet Airways timeline: From suspension to NCLT order on Jalan Kalrock Consortium’s decision plan

    A quick timeline of the insolvency decision technique of Jet Airways, which began off as an air tax operator in 1993 and have become a scheduled service in 1995.
    April 17, 2019 — Cash-starved Jet Airways suspends operations
    June 20, 2019 — National Company Law Tribunal (NCLT) insolvency petition filed by SBI-led lenders’ consortium
    March 13, 2020 — Jet Airways search extra time for decision course of from NCLT after failing to draw any bidders

    March 18, 2020 — NCLT permits extra time for decision course of
    June 14, 2020 — NCLT permits Jet Airways to promote its premises in Bandra Kurla Complex (BKC), Mumbai to settle claims, clear abroad debt
    October 17, 2020 — Committee of Creditors (CoC) approves Jalan Kalrock Consortium’s decision plan. The consortium additionally asks for restoration of slots on the premise of historicity

    February 25, 2021 — NCLT grants extra time to aviation regulator DGCA to answer airline’s request for slots
    March 9, 2021 — DGCA and the civil aviation ministry refuses to present any assurances on slots in an affidavit submitted to NCLT

    June 3, 2021 — Ministry tells NCLT that Jet Airways doesn’t qualify for grant of slots on the premise of historic priority
    June 22, 2021 — National Company Law Tribunal (NCLT) approves Jalan Kalrock Consortium’s decision plan; says slot allocations will probably be determined by the ministry or applicable authority.

  • Jet Airways shares hit 5% higher circuit; NCLT OKs Jalan Kalrock Consortium decision plan

    Shares of Jet Airways had been locked within the 5 per cent higher circuit on Tuesday. Earlier within the day, the National Company Law Tribunal (NCLT) permitted the Jalan Kalrock Consortium’s decision plan for the corporate.
    The scrip was locked at Rs 99.45 apiece on each the BSE and National Stock Exchange (NSE), up 4.96 per cent from the earlier shut.
    Over 41,000 shares had been traded on the BSE within the intraday commerce whereas over 70,000 shares exchanged fingers on the NSE.

    The airline which suspended its operations in April 2019, has been present process a decision course of below the Insolvency and Bankruptcy Code (IBC) for 2 years.
    In October final yr, the Committee of Creditors (CoC) had permitted the decision plan submitted by a consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan which gave the grounded airline a possibility to restart operations.