Kalrock Capital and Murari Lal Jalan are confident of securing approval for their plan to revive Jet Airways and are not backing out of the resolution process, the consortium said today.
The two parties on Thursday issued a joint statement amid delays in approval of resolution plan and speculation of their exit.
"The Jalan Kalrock Consortium is committed towards their submitted resolution plan and for the revival of Jet Airways and have no intentions of withdrawing from the ongoing resolution process. The consortium has faith in the Indian judicial system and is confident that their plan would be approved by the adjudicating authority as is, and at the earliest," said Jalan and Manoj Madnani, board member of Kalrock Capital.
"The plan submitted by the consortium takes care of all the stakeholders of Jet Airways, including its financial and operational creditors," it added.
According to the plan, the consortium wants to restart Jet Airways as a full service airline with bases in Mumbai, Delhi and Bengaluru and operate international flights to Europe and West Asia.
Last October the committee of creditors approved the Kalrock-Jalan resolution plan. The plan was submitted to the National Company Law Tribunal (NCLT) in November for its nod. The group had hoped to start operations from summer of 202 and had begun talks with aircraft manufacturers and lessors.
The plan is yet to be approved and employee unions have moved the NCLT for a copy. The NCLT is expected to pass an order in that regard on February 22.
There has been unease among Jet employees over time taken to decide the matter but lawyers handling insolvency cases point out that there was nothing unusual with the time taken considering infrastructure constraints. NCLT matters are heard virtually since easing of lockdown.
Creditors too have expressed frustration as delay in approval would lead to further devaluation of assets. Earlier in the month The committee of creditors had filed an appeal in the National Company Law Appellate Tribunal seeking direction for expeditious hearing of the resolution plan but it did not get relief.
Kalrock is a financial advisory and asset management company focusing on real estate, venture capital and special situations. The firm has partnered with Dubai based businessman Murari Lal Jalan who has investments in diverse sectors like real estate, mining, trading, FMCG across various countries like UAE, India, Russia and Uzbekistan.
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