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At long last, Jet Airways revival in sight

Livemint · 1y

Jet Airways has been given a lifeline as an appellate tribunal has directed its lenders to hand over the company to the Jalan-Kalrock consortium within 90 days. The National Company Law Appellate Tribunal (NCLAT) upheld the resolution plan for the grounded airline, which has been non-operational since 2019. The consortium will need to obtain an air operator's certificate to complete the handover process. The tribunal has also instructed the lenders to create security on three Dubai-based properties offered by the consortium. The lenders are expected to challenge the NCLAT order in the Supreme Court.