Jet Airways stock ends at 5% upper circuit as a seven-member monitoring panel will manage resolution plan

NCLT has last week approved Murari Lal Jalan and Florian Fritsch-led Karlock consortium's resolution plan.

Jun 28, 2021 04:06 IST India Infoline News Service

Jet-Airways
Jet Airways has announced that a monitoring committee is required to be constituted which shall comprise of 7 (seven) members to manage the resolution plan. NCLT has last week approved Murari Lal Jalan and Florian Fritsch-led Karlock consortium's resolution plan.

As per the regulatory filing,  as per the terms of the approved Resolution Plan, a monitoring committee is required to be constituted which shall comprise of 7 (seven) members: (a) 3 (three) members appointed by the Resolution Applicant; (b) 3 (three) members appointed by the financial creditors having highest share in the CoC; and (c) an independent insolvency professional appointed by the financial creditors (preferably the existing resolution professional).

Ashish Chhawchharia has ceased to be the resolution professional of the Company, effective on and from June 25, 2021.

Jet Airways stated that in terms of the Resolution Plan, the implementation of the Resolution Plan is proposed to be supervised by the Monitoring Committee, terms of appointment and duties of the Monitoring Committee will be as set out in the Resolution Plan and the day to day operations and the management of the Company shall be carried out by the Monitoring Committee until the closing date as defined in the Resolution Plan.

The National Company Law Tribunal (NCLT) approved the Kalrock-Jalan consortium resolution plan for the airline, however, the final decision of landing slots has given to the Director-General of Civil Aviation (DGCA) and Aviation Ministry.

The NCLT has given DGCA 90 days to decide on slots for Jet Airways.

On Sensex, Jet Airways stock ended at the upper circuit of Rs120.80  per piece up by 5%. 

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