NEW DELHI: Jet Airways (India) Ltd lenders approved on Saturday the resolution plan submitted by UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan to reactivate and operate the airline more than a year after the airline was suspended due to serious funds cracking under the ownership of its founder Naresh Goyal.
“The electronic voting concluded today, that is, October 17, 2020 and the resolution plan presented by Mr. Murarilal Jalan and Mr. Florian Fritsch have been duly approved by the CoC (Committee of Creditors) in accordance with Section 30 (4) of the Code as the successful resolution plan, “said Ashish Chhawchharia, the resolution professional designated by the airline’s lenders in a notice from the stock exchange.
“The Resolution Professional is in the process of submitting a request in accordance with Section 30 (6) of the Code for approval of such resolution plan by the Hon’ble NCLT and members will be provided information on the same as necessary, “Chhawchharia added.
Jet Airways had previously received offers from two consortia, one comprised of the UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan, and the other by the Haryana-based Flight Simulation Technique Center, Big Charter based in Mumbai and Imperial Capital Investments LLC of Abu Dhabi. .
Jet Airways, once the largest private airline in India, has not flown since April 17, 2019 after it stopped flights due to an acute cash crisis.
The new owner of the airline will face several challenges in reverting to Jet Airways, including its huge debt, employee fees, airports, ground operators and others.
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