Jet Airways' CoC Approves Kalrock Capital-Murari Jalan's Plan to Revive Airline

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posted on 4 years ago — updated on 1 second ago

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The grounded airline had received bids from two consortiums, one comprising UK-based Kalrock Capital founded by Florian Fritsch and UAE-based entrepreneur Murari Lal Jalan.

Jet Airways’ committee of creditors (CoC) on Saturday approved the resolution plan submitted by the consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan under the insolvency resolution process. The plan was approved after the conclusion of the e-voting on the proposal, Jet Airways RP (resolution professional) Ashish Chhawchharia said in a BSE filing.

“The resolution submitted by Murali Lal Jalan and Florian Fritsch has been duly approved by the CoC under Section 30(4) of the Code as the successful resolution plan,” said the filing. The grounded airline had received bids from two consortiums, one comprising UK-based Kalrock Capital founded by Florian Fritsch and UAE-based entrepreneur Murari Lal Jalan.

The other bid was submitted by the consortium consisting of Haryana-based Flight Simulation Technique Centre, Big Charter of Mumbai and Abu Dhabi’s Imperial Capital Investments LLC. The RP is in the process of filing an application in accordance with section 30(6) of the Code for approval of the said resolution plan by the National Company Law Tribunal (NCLT) and intimation of the same shall be given to the members as required, the statement to the BSE stated.

The defunct airlines on Friday had extended the deadline for voting on the resolution plans as only half the lenders had submitted their votes and the remaining had sought time till Saturday evening to submit their votes. The carrier was admitted to the NCLT in June 2019, and the CoC has met 16 times since then.

The airline, which ceased all operations in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure. The NCLT had on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Bank of India against Jet Airways.

The insolvency process for Jet Airways was supposed to be completed by June this year and the deadline was first extended to August 21, due to lockdown curbs, and then extended for an unspecified time by the RP.

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