With the approval of the National Company Law Tribunal (NCLT) for the resolution plan of the Kalrock-Jalan consortium, Jet Airways’ Corporate Insolvency Resolution Process (CIRP) has come to an end.
Under the scheme, a monitoring committee will be constituted to oversee the implementation of the resolution plan along with the management till the date of completion of the day-to-day operations of the defunct airline.
The airline said in a regulatory filing that with the termination of CIRP, Ashish Chhawchharia ceased to be the resolution professional of the company with effect from June 25, 2021.
The seven-member Monitoring Committee shall consist of three members appointed by the resolution applicant, three members appointed by the financial creditors who will have the highest share in the CoC and an independent insolvency professional appointed by the financial creditors, preferably an existing resolution professional.
“With reference to the resolution plan, the implementation of the resolution plan is proposed to be monitored by the monitoring committee, the terms and duties of the monitoring committee will be prescribed in the resolution plan and day-to-day operations and the management of the company in the resolution plan by the monitoring committee by the defined last date.”
It said that the first meeting of the monitoring committee would be held on its constitution.
The now defunct Jet Airways is likely to touch the sky again within six months from now.
On June 22, the Mumbai bench of the NCLT approved the resolution plan of the Kalrock-Jalan consortium and gave a time period of 90 days to the DGCA and the civil aviation ministry to allot the slots.
Speaking to IANS, Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) President Ashish Mohanty said that as per the order, the ministry and the Directorate General of Civil Aviation should consider the request for slots within 90 days, so that it helps Jet Airways. Can you To be back in the sky soon.
He said that the Aircraft Operating Certificate (AOC) has to be revived at the earliest and approval from regulatory authorities like DGCA and others will have to be taken. The training of pilots, engineers, crew and other licensed members are important requirements.
Last November, Jet Airways’ resolution professional presented the successful resolution plan of Colorrock Capital and Murari Lal Jalan for the bankrupt airline to the NCLT. The airline’s committee of creditors (CoC) had approved the bid in October 2020. Read also: From Automobiles to Aerospace, Here are 5 Industries Disrupted by Elon Musk
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