Last Updated: March 04, 2021, 1534 hrs IST
Jet will have to apply afresh for airport slots that were taken away from it when the airline was grounded in April 2019, aviation authorities told a bankruptcy court on Wednesday. Lawyers representing the (DGCA) and the ministry of civil aviation (MoCA) informed the Mumbai bench of the (NCLT) that even though no slots are immediately available, but the application for new slots will be considered when it is submitted. Lawyers representing the consortium had earlier insisted that DGCA and the aviation ministry must follow the principle of historicity ( When airline uses as much as 80 % of the slots allotted to the airline for a given season, the airline gets a preference during allocation of slots for the next season) and grant slots to the revived Jet Airways.
In October 2020, a committee of creditors (CoC) of Jet Airways had approved the revival plan submitted by the Kalrock-Jalan consortium. The consortium has proposed to invest ₹600 crore in the first two years in the grounded airline to repay creditors and acquire an 89.79% stake in the carrier. The consortium has proposed to invest ₹475 crore in the first two years and ₹125 crore by selling existing non-core assets like realty and luxury cars by the end of the first year. It has also proposed to pay ₹131 crore, ₹193 crore, and ₹259 crore at the end of the third, fourth and fifth year, respectively, to financial creditors from the airline’s cash flows.