In one of the significant turnaround events for the beleaguered aviation sector, a two-member bench of National Company Law Tribunal (NCLT) today approved the Kalrock-Jalan consortium’s resolution plan for Jet Airways with riders.
Grant Thornton Bharat (GTB), one of the largest fully integrated Assurance, Tax and Advisory firms in India, is the resolution professional for Jet Airways. Ashish Chhawchharia, Resolution Professional for Jet Airways and Partner Grant Thornton Bharat, said today’s order will pave the way for the revival of Jet Airways’ 2.0. “We are grateful to the NCLT for this favourable order and congratulations to the successful resolution applicant, Jalan-Kalrock consortium.”
While he acknowledged that there are a few concerns about the availability of routes/slots for the airlines to fly again, he stated that none is unsurmountable.
Apart from airports, such as Delhi and Mumbai, on preliminary analysis, it appears that other airports have sufficient slots whereas some are likely to expand their capacity.
Talking about the next steps and what this means for flyers, Chhawchharia said GTB will now work together with the Jalan-Kalrock consortium to facilitate a smooth implementation of the plan in the coming weeks. The airline has been a national icon and flyers have been eagerly waiting to see it in the skies again. A successful resolution will add value to customers, improve the competitive landscape and create jobs across the value chain.