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Jet Airways shares gain 5 percent; hit upper circuit limit

In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders' consortium led by the State Bank of India.

Published: 22nd June 2021 04:16 PM  |   Last Updated: 22nd June 2021 04:16 PM   |  A+A-

Jet Airways aircraft

Jet Airways aircraft (File Photo| PTI)

By PTI

NEW DELHI: Shares of Jet Airways on Tuesday jumped 5 percent after the National Company Law Tribunal (NCLT) approved Jalan Kalrock Consortium's resolution plan for the bankrupt firm.

The stock climbed 4.96 percent to Rs 99.45 -- its upper circuit limit -- on the BSE.

On the NSE, it gained 4.96 percent to Rs 99.45 -- its highest trading permissible limit for the day.

The NCLT on Tuesday approved Jalan Kalrock Consortium's resolution plan for the bankrupt Jet Airways.

Jet Airways, which suspended operations in April 2019, has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

In October 2020, the Committee of Creditors (CoC) of the grounded airline had approved the resolution plan submitted by a consortium of UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

In June 2019, NCLT admitted the insolvency petition against Jet Airways filed by the lenders' consortium led by the State Bank of India.



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