Jet Airways revival plan gets approval, shares hit 5% upper circuit

A ray of hope has emerged for Jet Airways as the National Company Law Tribunal has approved a resolution plan for reviving the grounded airline on Tuesday. Here is all you need to know.

The National Company Law Tribunal (NCLT) has approved the revival plan for grounded airline Jet Airways on Tuesday. It has approved the resolution plan for Jet Airways submitted by the Kalrock-Jalan consortium, giving a ray of hope to the airline. The Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) have been given 90 days starting today to allot slots to the airline, reported CNBC-TV18. As per the NCLT order, the DGCA will take the final decision on the allotment of slots to the airline. A government official has told the news channel that the DGCA and MCA will study the detailed order before deciding on slots.