Sixteen months after becoming the first airline to be admitted under insolvency and bankruptcy code (IBC), Jet Airways is all set to make a comeback with a new owner – Kalrock Capital and Murari Lal Jalan. According to a report by Money Control, the Kalrock Capital-Murari Lal Jalan consortium has won the bid for Jet Airways, giving the airline a chance of revival months after it was grounded in April 2019.
The report stated that the consortium has got the majority of the votes polled by lenders. While there is no clarity on the number of votes the combine got, the minimum requirement was 66 percent.
Quoting resolution professional Ashish Chhawchharia, Money Control stated that the resolution plan submitted by Murari Jalan and Florian Fritsch has been duly approved by the Committee of Creditors (CoC).
“The resolution professional 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 Hon'ble NCLT and intimation of the same shall be given to the members as required,” Chhawchharia told Money Control.
Kalrock Capital was founded by Florian Fritsch, a European entrepreneur. Over the years the company has invested in real estate and renewable energy. Whereas, Murari Lal Jalan is a Dubai-based businessman who has investments in diverse sectors like real estate, mining, trading and FMCG.
The resolution professional will now submit the plan to the National Company Law Tribunal, which will subsequently give its nod for the new owners to take over the airline.
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