In its regulatory filing, Jet Airways said "this is further to our disclosure dated June 22, 2021, whereby it was intimated by the Company that, by the order pronounced orally on June 22, 2021, the Mumbai bench of the National Company Law Tribunal (“NCLT”) approved the resolution plan submitted by the resolution applicant for the corporate insolvency resolution of the Company under Section 31 of the Code."
However, the tribunal handed the final decision of landing slots has given to the Director-General of Civil Aviation (DGCA) and Aviation Ministry. A bench led by Janab Mohhamed Ajmal and V Nallasenapathy accepted the resolution plan but also stated that slots allocation will be considered and historic slots will not be available.
The NCLT has given DGCA 90 days to decide on slots for Jet Airways.
Jet Airways has been halted since April 2019 due to mounting debt, however, the consortium is the new owner of the airline and once again operations are expected to commence soon.
Jet Airways had a significant market share in both the domestic and international front before grounding. In the resolution plan, the consortium expected to bring Jet Airways back in the skies by the Summer of 2021. Consortium's vision is to regain the lost ground, set new benchmarks for the airline industry with the tag of being the best corporate full-service airline operating on domestic and international routes.
The consortium had announced last year in December a revival plan named as Jet 2.0 program that aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes.
At around 2.55 PM, Jet Airways was trading at the upper circuit of Rs104.40 per piece up by 4.98% on Sensex.
The stock has gained by nearly 16% in three days. The airline stood at Rs90.25 per piece level on Friday last week.