Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency decision proceedings towards the provider started in June 2019 and the Nationwide Firm Regulation Tribunal (NCLT) authorised the decision plan submitted by the consortium in June 2021.
Nonetheless, the plan is but to be applied, leading to uncertainty over the way forward for the once-storied provider.
On Monday, a two-member bench of the Nationwide Firm Regulation Appellate Tribunal (NCLAT) concluded its listening to on the interim software moved by the consortium towards SBI, the lead lender for Jet Airways, concerning encashment of the ensures.
The appellate tribunal stated it would cross the order on the consortium’s petition on Could 30 and stated “each the events must take steps forward for implementation of the decision plan”.
Senior Advocate Ravi
Showing for SBI, senior advocate
Prasad stated the consortium is taking efforts for the revival of Jet Airways and added that numerous permissions from the house ministry and different authorities must be taken.
“We additionally need to appoint our personal administrators,” Prasad stated.
In the meantime, the validity of Jet Airways’ Air Operator’s Certificates (AOC) expired on Friday and there was no phrase so removed from the consortium on whether or not the airline has sought revalidation of the AOC.