Kalrock Capital, Murari Lal Jalan new owners of Jet Airways
UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan are the new owners of Jet Airways, which was grounded for months due to acute fund crunch.
The lenders of the airline on Saturday approved the resolution plan submitted by Kalrock Capital and Murari Lal Jalan to revive and operate the airline.
Over 97 percent Committee of Creditors (CoC) of Jet Airways voted in favour of the resolution plan submitted by the consortium of financial advisory firm Kalrock Capital and Murari Lal Jalan, Indian newspaper Business Line reports quoting the people close to the developments.
On Saturday, in a BSE statement, Ashish Chhawcharia, the resolution professional appointed by the NCLT for the revival of Jet Airways said, "The resolution process submitted by Mr. Murari Jalan and Mr. Florian Fritsch has been duly approved by the CoC."
Fritsch is the Chairman of Kalrock Capital, reports Business Line, a publication of The Hindu.
In the fourth attempt of inviting EoIs for Jet in July this year, two of the four shortlisted bidders' consortia submitted a bid. According to the IBC protocol, the winning bidder required at least 66 percent of the total votes to win.
Speaking to Business Line, Chhawcharia said, "It has been a long and tough journey. However, we have achieved an important milestone today. This wouldn't have been possible without the support of the lenders if they wouldn't have been patient for four attempts to find a suitable buyer. I am sure the lenders saw more value in reviving Jet than to liquidate its assets."
He added that the team hopes to complete the next steps soon and "MakeJetFlyAgain" soon.
"This is one big step towards recapturing the skies. Jet always had the potential. It took longer than expected to reach this stage. Nevertheless, we hope things will catch pace very soon," Amit Kelkar, Lead Engineer, who has worked for 23 years with Jet said.
The airline was grounded in April 2019 over unpaid dues and multiple defaults.
Comments