The National Company Law Tribunal (NCLT) has granted time till March 2 to the aviation regulator Directorate General of Civil Aviation (DGCA) to submit its stance on the airline slots of the grounded Jet Airways.
During the hearing of the resolution plan of Jet Airways submitted by the consortium of London-based asset management firm Kalrock Capital and entrepreneur Murari Lal Jalan, DGCA sought more time to reply to the notice issued in January for the air slots. The two-judge bench of Mohammed Ajmal and V Nallasenapathy granted the request.
“The success of the plan to a large extent depends on the fact that the slots are given back to the airline. If the landing rights are not returned back to the airline, there is no point in inducting several aircraft,” the counsel said.
In September 2020, DGCA and the Ministry of Civil Aviation had said the slots were temporarily allotted to other airlines.
During the hearing, the counsel of DGCA and the ministry said that it has reviewed the entire resolution plan, and wishes to submit its comments on the plan as there are a few technical glitches that MOCA and DGCA may not be able to adhere to, The Hindu reported. “We are bound with international treaties with several countries, this could pose as a glitch for the Authorities.”
The beleaguered airline was grounded in April 2019 and was admitted to the NCLT in June 2019 with a debt of more than Rs. 8000 crores to banks. In October last year, the Committee of Creditors (CoC) approved the resolution plan submitted by Kalrock-Jalan. The tribunal had dismissed pleas by various applicants seeking a copy of the resolution plan
(With inputs from agencies)