Highlights:

  • The resolution plan submitted by UK based Kalrock Capital and UAE based entrepreneur Murari Lal Jalan got approval from lenders of Jet Airways (India) on Saturday.
  • Today October 17, the e-voting was concluded by the CoC (Committee of Creditors) under Section 30(4) of the code, said Ashish Chhawchharia.
  • The airline firm Jet Airways had received bids from two consortiums.
  • The airline firm was once the biggest airline firm in India, has not flown since 17 April 2019 due to an acute cash crunch.

The resolution plan submitted by the UK based Kalrock Capital and UAE based entrepreneur Murari Lal Jalan got approval from lenders of Jet Airways (India) on Saturday. The resolution was to revive and operate the airline over a year after the carrier was grounded due to a financial crunch under owner Naresh Goyal. Now, Jet Airways, which was one of the best airlines once is all set to hit the sky with its new owners.

Today, on October 17, the e-voting was concluded by the CoC (Committee of Creditors) under Section 30(4) of the code, said Ashish Chhawchharia, the resolution professional appointed by the lenders of the airline. He further added that the Resolution Professional is in the process of filing an application as per Section (6) of the code for approval of the said resolution plan by Hon’ble NCLT.

The airlines firm Jet Airways had received bids from two consortiums, first from the UK based Kalrock Capital and UAE based entrepreneur Murari Lal Jalam and the second one from Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi’s Imperial Capital Investments LLC.

The airline firm was once the biggest airline firm in India, has not flown since 17 April 2019 due to an acute cash crunch. The new owner will have to face many hindrances to turn around Jet Airways, which involve massive debts, dues to employees, ground handlers, airports, and many others.

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