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Tuesday, August 03, 2021

Jet Airways timeline: From suspension to NCLT order on Jalan Kalrock Consortium’s resolution plan

Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

By: PTI | Mumbai |
Updated: June 22, 2021 5:12:50 pm
jet airways, jet airways news, jet airways update, jet airways timelineJet Airways aircraft are seen parked on the tarmac at Chhatrapati Shivaji International Airport in Mumbai. (Express Photo by Pradip Das)

A brief timeline of the insolvency resolution process of Jet Airways, which started off as an air tax operator in 1993 and became a scheduled carrier in 1995.

April 17, 2019 — Cash-starved Jet Airways suspends operations

June 20, 2019 — National Company Law Tribunal (NCLT) insolvency petition filed by SBI-led lenders’ consortium

March 13, 2020 — Jet Airways seek more time for resolution process from NCLT after failing to attract any bidders

March 18, 2020 — NCLT allows more time for resolution process

June 14, 2020 — NCLT allows Jet Airways to sell its premises in Bandra Kurla Complex (BKC), Mumbai to settle claims, clear overseas debt

October 17, 2020 — Committee of Creditors (CoC) approves Jalan Kalrock Consortium’s resolution plan. The consortium also asks for restoration of slots on the basis of historicity

February 25, 2021 — NCLT grants more time to aviation regulator DGCA to respond to airline’s request for slots

March 9, 2021 — DGCA and the civil aviation ministry refuses to give any assurances on slots in an affidavit submitted to NCLT

June 3, 2021 — Ministry tells NCLT that Jet Airways does not qualify for grant of slots on the basis of historic precedence

June 22, 2021 — National Company Law Tribunal (NCLT) approves Jalan Kalrock Consortium’s resolution plan; says slot allocations will be decided by the ministry or appropriate authority.

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