FLYING HIGH! Jet Airways share price continues to surge, stock jumps 16% in 3 sessions on the back of revival plan

Surging for the third straight session on Wednesday, the shares of Jet Airways hit an upper circuit of five per cent to hit a new 52-week high for the second day in a row on the BSE today, amid revival plans. 

The stock has gained by nearly 16 per cent in the last three trading sessions, as against Rs 90.25 per piece level on Friday last week on the BSE, in other wise subdued market during Wednesday’s trade. 

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The National Company Law Tribunal (NCLT) on Tuesday allowed the resolution plan of Kalrock-Jalan consortium for the airline, which is under IBC process since September 2019. Jet Airways shares were locked at the upper circuit on Tuesday too at 99.45 per share on the BSE. 

Jet Airways in its filing to exchanges said that the order pronounced orally on June 22, 2021, the Mumbai bench of the NCLT has approved the resolution plan submitted by the resolution applicant for the corporate insolvency resolution of the company under section 31 of the code. 

The tribunal approved the cash-strapped airlines revival plan with conditions as it handed the final decision of landing slots to the Director-General of Civil Aviation (DGCA) and Aviation Ministry. 

A bench led by Janab Mohhamed Ajmal and V Nallasenapathy accepted the resolution plan but also stated that slots allocation will be considered, and historic slots will not be available. 

The NCLT has given 90 days to the aviation regulator to decide on slots for Jet Airways. 

Jet Airways operations have been suspended since April 2019 due to heavy debt, and the consortium being the new owner of the airline, it may commence its functioning soon. 

Jet Airways had a significant market share in both the domestic and international front before grounding, and the consortium expects to bring Jet Airways back in the skies by the Summer of 2021.