Jet Airways shares gain 5%, hit upper-circuit limit as NCLT clears resolution plan

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

The stock climbed 4.96 per cent to Rs 99.45 — its upper circuit limit — on the BSE.

On the NSE, it gained 4.96 per cent 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.

Read | NCLT clears Jalan-Kalrock Consortium's resolution plan for 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.