Jet Airways Ownership Transfer to Jalan Kalrock Consortium Set for Completion Within 90 Days

The National Company Law Appellate Tribunal (NCLAT) of India has given the green light for the complete transfer of Jet Airways’ ownership to the Jalan Kalrock Consortium, setting a 90-day deadline for the process. This decision marks a significant milestone in the airline’s revival efforts, confirming that the consortium has met all necessary conditions for the takeover.

Furthermore, the NCLAT has mandated the consortium to seek the re-issuance of Jet Airways’ air operation certificate within the same timeframe, facilitating the airline’s return to the skies after being grounded since 2019. This development is a crucial step forward for Jet Airways, once a leading carrier, as it navigates through the challenges of resuming operations.

The path to this point has been complex, with the consortium entangled in legal disputes with creditors for over a year. Creditors raised concerns over the source of the consortium’s payments, claiming they did not align with the terms set out in the approved resolution plan. Despite these hurdles, the consortium successfully completed its financial commitment of $42 million by the stipulated deadline of September 30, 2023.

Additionally, as part of the resolution plan, the consortium is required to secure three properties in Dubai previously owned by Jet Airways. This action must be taken within 30 days, further underscoring the rapid progress needed to finalize the transfer of ownership.

This turnaround for Jet Airways under the stewardship of the Jalan Kalrock Consortium represents a hopeful future for the airline, promising a reinvigorated presence in the aviation market. As the 90-day period unfolds, the industry watches closely as Jet Airways prepares to soar once again, backed by the commitment and resources of its new owners.