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Shares of Jet Airways hit the 5 per cent upper circuit on Wednesday as the resolution process of the company has concluded and the seven-member monitoring committee has been constituted.

Around 12.40 p.m., shares of Jet Airways were at Rs 133.10, higher by Rs 6.30 or 4.97 per cent from their previous close.

In a regulatory filing, the airline said that the first meeting of Monitoring Committee was held on June 28, 2021.

With the approval of the National Company Law Tribunal to the Kalrock-Jalan consortium's resolution plan, the Corporate Insolvency Resolution Process (CIRP) of the bankrupt airline has concluded and Ashish Chhawchharia has ceased to be the resolution professional of the company, effective from June 25, 2021.

As per the terms of the approved resolution plan, a monitoring committee is required to be constituted which shall comprise of seven members -- three members appointed by the resolution applicant, members appointed by the financial creditors having highest share in the CoC and an independent insolvency professional appointed by the financial creditors.

In terms of the resolution plan, the implementation of the resolution plan is proposed to be supervised by the Monitoring Committee, terms of appointment and duties of the Monitoring Committee will be as set out in the resolution plan and the day-to-day operations and the management of the company shall be carried out by the Monitoring Committee until the closing date as defined in the resolution plan.

The actions in respect of the monitoring committee will be taken in accordance with the terms of the resolution plan and shall be subject to any directions that may be issued by the NCLT in this regard, said a filing.