(This story originally appeared in 
on Jun 23, 2021)
on Jun 23, 2021)Mumbai: The National Company Law Tribunal on Tuesday approved a plan to revive the defunct submitted by UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The bankrupt airline has been grounded since 2019.
The NCLT made clear the airline would not have any historic rights over time slots in airports and that the issue will be handled by the government or the appropriate authority.
The Mumbai bench of NCLT presided by Janab Mohammed Ajmal and V Nallasenapathy allowed the resolution plan and directed the applicant to get the required approval and licenses from authorities within 90 days.
