Jet Airways stock jumps 5% as Jalan Kalrock Consortium expects to restart operations in 4-6 months

The scrip hit its upper trading limit on the NSE as well with a gain of 4.98% to ₹114.95

Shares of grounded airline Jet Airways surged nearly 5% on February 22 after Murari Lal Jalan of Jalan-Kalrock consortium said that they expect to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan.

After opening in the green, the airline’s share rose 4.98% to hit the upper circuit limit of ₹114.90 on the BSE.

The scrip hit its upper trading limit on the NSE as well with a gain of 4.98% to ₹114.95.

Jet Airways, the once-storied full-service carrier was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).

Against the backdrop of the National Company Law Tribunal (NCLT) likely to take a final call on the resolution plan for the airline, the winning consortium’s lead member Murari Lala Jalan told PTI that “everything is on track” as far as the revival efforts for the carrier are concerned.

Stressing that he is very positive about the Indian aviation sector, which is recovering from the impact of the coronavirus pandemic, Mr. Jalan said that initially Jet Airways will resume flying with around 25 aircraft.

“After the NCLT decision, we will be able to start the airline within four to six months. I am very positive about Indian aviation and the future is bright,” Mr. Jalan said during a telephonic interaction.

“We are very hopeful that it (NCLT nod) will come,” he said, adding that a delay of one or two months here and there would not make a difference for such a big thing as reviving the airline.

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