Jet Airways: Monitoring committee formed to implement resolution plan

After the National Company Law Tribunal, Mumbai, approved the resolution plan submitted by a consortium of Murari Lal Jalan and Florian Fritsch on June 22, a monitoring committee has been formed comprising representatives of the financial creditors, successful resolution applicant and the erstwhile independent resolution professional to oversee the implementation of the approved resolution plan.

Kuldeep Sharma has been appointed as the company secretary of the company, with effect from August 2, 2021. He will also be the compliance officer as per Regulation 6 of SEBI (LODR) Regulations, 2015.

A seven-member monitoring committee is carrying out the day-to-day operations and management of Jet Airways till the resolution plan proposed by the Jalan Kalrock consortium is fully completed.

Also read: Jet staff seeks Jyotiraditya Scindia's help for resolution issues

Meanwhile, with the NCLT approval, the corporate insolvency resolution process (CIRP) of the airline has concluded and Ashish Chhawchharia has ceased to be the resolution professional of the company from June 25, 2021.

On June 25, the NCLT published the written order, approving the Jalan Kalrock consortium's resolution plan. The approval is subject to certain directions. While clearing the resolution plan, the NCLT also made it clear that it will not give any direction on the issue of airport slots for the airline, citing the matter will be handled by the government or the appropriate authority concerned.

On June 22, the Jalan Kalrock consortium had said it will decide on the next steps after receiving the NCLT's written order and emphasised that it will work with the aviation authorities to see the airline, which suspended operations in April 2019, taking wings again.

Also read: Seven-member panel to manage day-to-day operations of Jet Airways under resolution plan