In a significant development for the revival of Jet Airways, the Jalan-Kalrock consortium has been granted a 97-day extension to fulfill its financial obligations to the State Bank of India (SBI). The extension, approved by the National Company Law Tribunal (NCLT), provides the consortium with additional time to meet its dues and pave the way for the much-awaited revival of the renowned airline.
The Jalan-Kalrock consortium, the successful bidder for Jet Airways’ resolution plan, had initially been granted a deadline to pay the outstanding dues to SBI by a specific date. However, recognizing the complexities involved in the revival process and the impact of the COVID-19 pandemic on the aviation sector, the NCLT granted the consortium an extension to fulfill its financial commitments.
This extension plays a crucial role in enabling the Jalan-Kalrock consortium to execute its resolution plan effectively. The consortium aims to revive Jet Airways, once a prominent player in the Indian aviation industry, by infusing fresh capital and implementing strategic measures to ensure a sustainable and successful comeback.
The extension of the deadline not only benefits the consortium but also brings hope to the airline’s creditors and employees who have been eagerly awaiting the revival of the company. It provides an opportunity for the consortium to address any pending financial matters and finalize the necessary arrangements for Jet Airways’ revival.
The aviation sector has been severely impacted by the global pandemic, with airlines facing unprecedented challenges. The revival of Jet Airways holds immense significance, as it not only rejuvenates competition in the industry but also creates employment opportunities and contributes to the overall economic recovery.
The grant of a 97-day extension to the Jalan-Kalrock consortium to pay its dues to SBI is a significant step towards the revival of Jet Airways. This extension allows the consortium to fulfill its financial obligations and progress with its resolution plan. The revival of Jet Airways holds great promise for the aviation sector and brings renewed hope to the company’s creditors and employees