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Lenders Give Green Light to Kalrock Capital-Murari Jalan's Plan to Revive Jet Airways

The proposal from Kalrock Capital was approved after voting that concluded on October 17. Another consortium in the fray included Flight Simulation Technique Centre, Big Charter and Abu Dhabi’s Imperial Capital Investments LLC

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The lenders of non-operational Indian carrier, Jet Airways gave their stamp of approval on October 17 to a resolution plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline around 18-months after the last flight of Jet Airways. The Naresh Goyal-promoted Jet Airways was grounded due to lack of funds.

The resolution professional will submit the winning plan to the National Company Law Tribunal for the necessary approvals in order to take charge of Jet Airways. The insolvency process is expected to get over by October 21. 

"The e-voting concluded today, i.e., October 17, 2020, and the resolution plan submitted by Mr Murarilal Jalan, and Mr Florian Fritsch have been duly approved by the CoC (Committee of Creditors) under Section 30(4) of the Code as the successful resolution plan," Ashish Chhawchharia, the resolution professional appointed by the lenders of the airline said in a stock exchange notification. "The resolution professional is in 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 the same shall be given to the members as required," he added.

Earlier in the year, Jet Airways had received bids from two consortiums—UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan and the Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC.

Jet Airways last flew on 17 April 2019. At the time of shutting its operations, Jet reportedly had a debt-burden in excess of Rs 8,000 crore.

Who is Jalan?

Murari Lal Jalan is a businessman and investor having made investments across sectors and countries. His business interest includes sectors like real estate, mining, trading, construction, FMCG, Dairy, Travel & Tourism, Industrial works, and now aviation among several more.

Kalrock is a global firm operating in financial advisory and alternative asset management, managing significant partners’ assets across a number of clearly defined and diversified strategies and single investments, with focus on private markets. The London-based company is mainly active in the following three verticals: Real Estate, Venture Capital and Special Situations.

Tags assigned to this article:
aviation jet airways Kalrock Capital Murari Jalan