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Jet Airways revival plan accepted by National Company Law Tribunal, more talks needed to determine routes: government sources


Jet Airways' Revival Plan Accepted, Routes Yet To Be Decided: Sources

The resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessmen Murari Lal Jalan was approved by the National Companies Law Tribunal (NCLT) with some riders on Tuesday, sources told NDTV.

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

The Kalrock-Jalan consortium has proposed to repay banks, financial institutions and employees Rs 1,200 crore over next five years and plans to establish Jet Airways as a full service airline with 30 aircraft.

In April 2019, Jet Airways – which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai – was forced to ground all flights, crippled by mounting losses as it attempted to compete with low-cost rivals.

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