Jet Airways revival decision soon, NCLT hearing this month
A final decision on reviving Jet Airways could come this month.
The National Company Law Tribunal (NCLT) has directed representatives of the aviation ministry and the Directorate General of Civil Aviation (DGCA) to be present for a hearing on the matter on Tuesday so that “no future uncertainty would remain in case the (revival) plan is approved.”
The NCLT will on January 25 hear the application filed by Punjab National Bank challenging the decision of the resolution professional. While the committee of creditors (CoC) has approved the revival plan for grounded-since-April 2019 Jet Airways last year, the NCLT’s final nod is awaited.
A two-member NCLT bench had last Friday (Jan 8) passed an order in the resolution plan case: “The learned counsel submits that it will be appropriate to issue notice to the DGCA and ministry of civil aviation so that the matter can be heard in their presence and no future uncertainty would remain in case the plan is approved.
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