October 23, 2020 5:13 am
Jet Airways—once India’s biggest private airline—hasn’t flown since 17 April 2019 after it halted flights due to an acute cash crunch
By Prashant Tambe
The lenders of Jet Airways (India) Ltd on Saturday approved the resolution plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline over a year after the carrier was grounded due to acute funds crunch under the ownership of its founder Naresh Goyal.
"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 by the lenders of the airline said in a stock exchange notification. "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 added. Jet Airways had earlier received bids from two consortiums, one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. Jet Airways—once India’s biggest private airline—hasn’t flown since 17 April 2019 after it halted flights due to an acute cash crunch. The new owner of the airline is set to face several challenges to turn around Jet Airways, which include its massive debt, dues to employees, airports, ground handlers and others.