Jet’s creditors agree to Kalrock-Jalan plan

Cornelia Mascio
Ottobre 18, 2020

India's Jet Airways would be acquired by an investor consortium under a multi-million dollar resolution plan approved by the carrier's creditors on Saturday.

Jet Airways' committee of creditors has approved the resolution plan submitted by the consortium of UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan on Saturday.

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 e-voting concluded today, i.e., October 17, 2020, and the resolution plan submitted by Mr Murarilal Jalan, and Mr Florian Fritsch have been duly approved by the CoC (Committee of Creditors) under Section 30 (4) of the Code as the successful resolution plan", Ashish Chhawchharia, the resolution professional appointed y Jet Airways creditors, told stock exchanges. UAE-based Murari Lal Jalan owns M J Developers, which has investments in diverse sectors like real estate, mining, and construction globally. 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 resolution plans of both bidders have also not been made public, but speculative news reports said the Kalrock consortium had offered a total payout of around Rs 866 crore, which included a Rs 380 crore payout to financial creditors and FSTC consortium's bid offer was pegged at approximately Rs 770 crore.

Jet Airways owes its creditors an amount of Rs Rs 40,259 crore as of September 25, out of which the company has admitted claims worth Rs 15,525 crore. Several of them have withdrawn their provident fund savings to survive after regular salaries stopped in January 2019. The airline presently has six Boeing 77, two Airbus 330s and three Boeing 737 aircraft which its engineering staff is maintaining.

Jet - which operated a fleet of more than 120 planes serving dozens of domestic destinations and global hubs such as Singapore, London and Dubai - was forced in April 2019 to ground all flights, crippled by mounting losses as it attempted to compete with low-priced rivals.

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