The consortium of UAE-based businessman Murari Lal Jalan and London’s asset management firm Kalrock Capital, which has won the bid to revive Jet Airways, nears National Company Law Tribunal Court (NCLT) revival hearing planned for January 25, 2021. If everything goes according to plan, the revival of Jet Airways could be set in motion.
On January 8, 2021, The National Company Law Tribunal (NCLT) bench ordered the representatives of the Department of Aviation and the Directorate-General for Civil Aviation (DGCA) to attend the Jet Airways hearing regarding the revival plan matter on January 12, 2021, so that “there is no future uncertainty if the (revival) plan is approved.”
“The learned counsel submits that it will be appropriate to issue a notice to the DGCA and ministry of civil aviation so that the matter can be heard in their presence and no future uncertainty would remain in case the plan is approved. The applicant is accordingly directed to issue a notice to the DGCA and aviation ministry to be present during the hearing so that the matter can be heard and decided in their presence on January 12, 2021, for hearing,” the NCLT statement read.
On October 17, 2020, Jet Airways’ Committee of Creditors (CoC) approved the revival plan submitted by the Jalan-Kalrock consortium. The final decision of NCLT on reviving Jet Airways is still being awaited.
“If everything goes as per plan and the consortium receives NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the summer of 2021,” as the consortium’s statement outlined on December 7, 2020.
According to the Jalan-Karlock consortium, Jet Airways 2.0. intends to revive its services and operate all of its historic domestic slots in India and restart international operations. Additionally, the new management of Jet Airways plans to increase air cargo services once the airline is set to fly once again.