Revival of Jet Airways | Mumbai Bench of NCLT approves resolution plan of Kalrock Capital and Murari Lal Jalan
The Hindu
The bid by the consortium of Kalrock Capital and Murari Lal Jalan was approved by the Committee of Creditors in October last year.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan of Kalrock Capital and entrepreneur Murari Lal Jalan for the revival of Jet Airways. The bankruptcy court has granted 90 days to the consortium to apply for airport slots. Though the government in its affidavit had earlier maintained that Jet Airways can’t claim a right on slots held by it earlier, the court has urged that the issue be addressed by the Ministry of Civil Aviation and the Directorate General of Civil Aviation.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.