Jet Airways lenders accept the Kalrock Capital – Jalan’s resolution plan

Jet Airways lenders accept the Kalrock Capital – Jalan’s resolution plan

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Jet Airways lenders accept the Kalrock Capital – Jalan’s resolution plan Resolution professional Ashish Chhawchharia is within the process of filing an application to secure NCLT’s approval for the resolution plan by Kalrock Capital-Murari Lal Jalan combine

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 airline has been grounded since April 2019 thanks to lack of funds to continue operations.

Jet Airways lenders accept the Kalrock Capital

Jet Airways had received two final resolution plans – one from the Kalrock Capital-Murari Lal Jalan combine, and another from Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. Both resolution plans were considered by the committee of creditors during its meeting on October 3.

“The e-voting concluded today, i.e., October 17, 2020, and therefore the resolution plan submitted by Mr Murarilal Jalan, and Mr Florian Fritsch are duly approved by the CoC (Committee of Creditors) under Section 30(4) of the Code because the successful resolution plan,” Ashish Chhawchharia, the resolution professional appointed y Jet Airways creditors, told stock exchanges.

“The Resolution Professional is within 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 an equivalent shall tend to the members as needed ,” he further said within the filing.

Jet Airways stopped operations on April 17, 2019, after it ran out of funds and was admitted for insolvency on June 20. it’s been grounded for over a year now and therefore the slots allotted thereto are re-allocated to other airlines.

Financial creditors to Jet Airways have filed Rs 8,232 crore worth of claims, while operational creditors owed quite Rs 7,300 crore, as per details available on the airline’s website.

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