NCLT okays Jalan Kalrock Consortium resolution plan for Jet Airways; shares hit 5% upper circuit

The Jet Airways stock was locked at Rs 99.45 apiece on both the BSE and National Stock Exchange (NSE), up 4.96 per cent from the previous close.

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Jet Airways aircraft are seen parked on the tarmac at Chhatrapati Shivaji International Airport in Mumbai. (Express Photo by Pradip Das)

Shares of Jet Airways were locked in the 5 per cent upper circuit on Tuesday afternoon. Earlier in the day, the National Company Law Tribunal (NCLT) approved the Jalan Kalrock Consortium’s resolution plan for the company.

The scrip was locked at Rs 99.45 apiece on both the BSE and National Stock Exchange (NSE), up 4.96 per cent from the previous close.

Over 41,000 shares were traded on the BSE in the intraday trade while over 70,000 shares exchanged hands on the NSE.

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The airline which suspended its operations in April 2019, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

In October last year, the Committee of Creditors (CoC) had approved the resolution plan submitted by a consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan which gave the grounded airline an opportunity to restart operations.