Mumbai: A brief timeline of the insolvency resolution process of Jet Airways, which started off as an air tax operator in 1993 and became a scheduled carrier in 1995.
April 17, 2019 — Cash-starved Jet Airways suspends operations June 20, 2019 — National Company Law Tribunal (NCLT) insolvency petition filed by SBI-led lenders’ consortium March 13, 2020 — Jet Airways seek more time for resolution process from NCLT after failing to attract any bidders March 18, 2020 — NCLT allows more time for resolution process June 14, 2020 — NCLT allows Jet Airways to sell its premises in Bandra Kurla Complex (BKC), Mumbai to settle claims, clear overseas debt October 17, 2020 — Committee of Creditors (CoC) approves Jalan Kalrock Consortium’s resolution plan.
The consortium also asks for restoration of slots on the basis of historicity February 25, 2021 — NCLT grants more time to aviation regulator DGCA to respond to airline’s request for slots March 9, 2021 — DGCA and the civil aviation ministry refuses to give any assurances on slots in an affidavit submitted to NCLT June 3, 2021 — Ministry tells NCLT that Jet Airways does not qualify for grant of slots on the basis of historic precedence June 22, 2021 — National Company Law Tribunal (NCLT) approves Jalan Kalrock Consortium’s resolution plan; says slot allocations will be decided by the ministry or appropriate authority. (AGENCY)
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