NCLT approves resolution plan by Kalrock Capital and Murari Lal Jalan for Jet Airways

The Mumbai bench of the National Company Law Tribunal has approved the resolution plan by Kalrock Capital and Murari Lal Jalan for with certain riders.

The bench presided by judicial members – Janab Mohammed Ajmal and V Nallasenapathy had reserved its order after hearing all parties, including the successful resolution applicant, lenders, DGCA and others.

The bid by the consortium of Kalrock Capital and Murari Lal Jalan was approved by the Committee of Creditors in October last year.

Both of them do not have any prior experience of running an airline.

While Kalrock is a UK-based asset management company, Murari Lal Jalan is an entrepreneur who’s based out of the UAE.

As per the resolution plan, the successful bidder has proposed a total cash flow of Rs 1,375 crore for the revival of the company. The revival plan envisages starting operation with 30 aircraft within six months from the approval of the plan by NCLT.

On the sticky issue of slots, the Ministry of Civil Aviation had argued that the airline cannot bank on historicity to reclaim lost slots.

Naresh Goyal founded Jet Airways over 25 years ago. The airline stopped flying on April 17, 2019 facing challenges in raising funds to keep itself operational and was admitted for the resolution process in June 2019.


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