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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