NCLT approves resolution plan of Kalrock-Jalan consortium

  Jet Airways

Jet Airways

Mumbai. The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Kalrock Capital and Murari Lal Jalan (Kalrock-Jalan consortium) for Jet Airways. The successful bidders have been asked to obtain necessary approvals from the concerned authorities within 90 days.

Mumbai. The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Kalrock Capital and Murari Lal Jalan (Kalrock-Jalan consortium) for Jet Airways. The successful bidders have been asked to obtain necessary approvals from the concerned authorities within 90 days.

A bench headed by Judicial Members Janab Mohammad Ajmal and V Nalsenpati had reserved its order after hearing all the parties including the successful resolution applicant, lenders, DGCA and others.

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The bid of the consortium of Colorrock Capital and Murari Lal Jalan was cleared by the committee of creditors in October last year. Both of them have no prior experience in running an airline. While Colorrock is a UK-based asset management company, Murari Lal Jalan is an entrepreneur based out of the UAE. As per the resolution plan, the successful bidder has proposed a total cash inflow of Rs 1,375 crore for the revival of the company.

The revival plan proposes to start operations with 30 aircraft within six months from the approval of the plan by NCLT.

Jet Airways can’t cite history to ask for slots

Let us inform that after the closure of the company’s operations, its slots were given to other airlines. In the recently filed affidavits in the bankruptcy court, the MCA and DGCA had said that Jet Airways cannot refer to history for seeking the slot. The government and DGCA had said that the allotment of slots will be done according to the rules and guidelines laid down for this. Another Business Standard report said that around 30 airports have assured the Kalrock-Jalan consortium of the availability of 170 pairs of slots for Jet Airways.

Talks continue with Airbus and Boeing for new aircraft

According to business channel CNBC-TV18, the airline company is in talks with big companies like Boeing and Airbus for new aircraft. Actually, Jet Airways plans to retire all 11 aircraft from the fleet. In its place, there is a preparation to lease new fuel capacity aircraft.




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