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Jet Airways: Resolution Professional moves NCLT seeking nod for Kalrock Capital-Murari Lal consortium

Our Bureau Mumbai | Updated on November 06, 2020 Published on November 06, 2020

Consortium had submitted plan to resurrect the debt-strapped airline

The Resolution Professional of Jet Airways has moved an application with the NCLT seeking approval for the Murari Lal Jalan and Kalrock Capital consortium. The consortium had submitted a resolution plan to resurrect the debt-strapped airline, earlier last month.

Ashish Chhawcharria, the RP appointed by the NCLT in June last year, informed the exchanges on Friday that the creditors had approved the Rs 1000 crore plan on October 17. Further to that he has, “filed the resolution plan as approved by the CoC with the Hon’ble National Company Law Tribunal, Mumbai Bench on November 5, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016.”

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Earlier this week, BusinessLine had reported that the Kalrock-Jalan consortium had deposited the ₹150-crore performance security.

If the bid is approved by the NCLT, along with the ₹1,000 crore, the lenders will get a 9.5 per cent of equity in Jet Airways along with 7.5 per cent equity in loyalty rewards firm InterMiles.

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Published on November 06, 2020
insolvency
Jet Airways (India) Ltd
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