MIAMI – After a long-awaited hearing, India’s joy of flying, Jet Airways (9W), is back. The National Company Law Tribunal (NCLT) has approved the resolution put forward by the Kalrock-Jalan consortium’s plan for the revival of the carrier.
Jet Airways had gotten into serious financial problems back in 2019 and couldn’t sustain operations thereafter, and the airline eventually ended up being grounded. The airline possessed a good number of slots at key airports in the country, which were given to the other airlines after it ceased operations.
Back in October 2020, UK-based asset management company, Kalrock and Murari Lal Jalan, an entrepreneur based out of the UAE won the bid to restart the defunct airlines.
Slots Allotment Controversy
While the airline is all set to come back to the Indian skies, The controversy about its slots still remains unclear. India’s Ministry of Civil Aviation (MoCA) and the Directorate General of Civil Aviation (DGCA) recently stated that 9W could not claim historicity to obtain their previously held slots.
However, after today’s hearing, the NCLT has given the Indian DGCA and MCA 90 days from June 22 to allot slots to 9W.
The airlines’ revival plan is to commence with a fleet of thirty aircraft within six months of being approved by the NCLT. Routes, destinations, fleet expansion are yet to be decided.
Featured image: Jet Airways VT-JEK Boeing 777-35R(ER). Photo: Alberto Cucini/Airways