NCLT clears Jalan Kalrock Consortium'' s resolution prepare for Jet Airways

Jet Airways

Image Source: PTI(FILE)NCLT clears Jalan Kalrock Consortium’s resolution plan for Jet Airways

Jet Airways Revival Plan: The National Company Law Tribunal (NCLT) on Tuesday approved Jalan Kalrock Consortium’s resolution strategy for the bankrupt-Jet Airways.

Jet Airways, which suspended operations in April 2019, has actually been going through a resolution procedure under the Insolvency and Insolvency Code (IBC) for 2 years.

In October 2020, the Committee of Creditors (CoC) of the grounded airline company had authorized the resolution strategy sent by a consortium of UK’s Kalrock Capital and UAE-based business owner Murari Lal Jalan.

In June 2019, NCLT confessed the insolvency petition against Jet Airways submitted by the loan providers’ consortium led by the State Bank of India.

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Published at Tue, 22 Jun 2021 08:55:19 +0000