Jet Airways Gains Over 4% After NCLT Accepts Its Resolution Plan

Home » Jet Airways Gains Over 4% After NCLT Accepts Its Resolution Plan

Jet Airways Gains Over 4% After NCLT Accepts Resolution Plan

Share price of Jet Airways gained more than four per cent on Tuesday, June 22, after the National National Companies Law Tribunal (NCLT) accepted its resolution plan submitted by a consortium of London-based Kalrock Capital and the UAE-based businessmen Murari Lal Jalan. NCLT has given 90 days to the Director-General of Civil Aviation as well as the Aviation Ministry to allot slots to Jet Airways, as part of the revival plan. (Also Read: Jet Airways’ Revival Plan Accepted, Routes Yet To Be Decided: Sources )

Due to financial distress, Jet Airways was debt-ridden and was forced to ground all flights in April 2019, as it attempted to compete with the low-cost rivals. The airline operated a fleet of more than 120 planes for more than two decades, serving several domestic destinations and international hubs such as London, Dubai, and Singapore at the time. 

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