Jet Airways' relaunch plan submitted by a consortium of London-based Colorrock Capital and UAE-based businessmen Murari Lal Jalan was approved by the National Company Law Tribunal (NCLT) today.

As part of the revival plan, the NCLT has given 90 days to the Director General of Civil Aviation (DGCA) and the aviation ministry to allot slots to debt-ridden Jet Airways.

Jet Airways has been going through the resolution process under the Insolvency and Bankruptcy Code for the last two years.

In October 2020, the Committee of Creditors (CoC) of Jet Airways had approved the resolution plan submitted by a consortium of UK-based ColRock Capital and UAE-based entrepreneur Murari Lal Jalan.

The Kalrock-Jalan consortium had proposed to repay INR 1,200 crore to banks, financial institutions and employees over the next five years and to set up Jet Airways as a full-service airline with 30 aircraft.

In June 2019, the NCLT accepted the insolvency petition against Jet Airways filed by a consortium of lenders led by State Bank of India.

Jet Airways was forced to shut down all flights in April 2019, crippled by mounting losses, as it attempted to compete with lower-cost rivals. The airline operated a fleet of over 120 aircraft at the time serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai.

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