The re-launch of Jet Airways has been a highly anticipated event since Jet Airways received the Air Operator Certificate from DGCA last May.
• The effective date of the resolution plan has been taken as 16th November. Consequently, the consortium will get six months from the said date to pay the lenders.
New Delhi: The National Company Law Tribunal has allowed the transfer of ownership of Jet Airways to the bidder Jalan-Kalrock consortium.
The Mumbai bench of the tribunal gave this order on Friday. The effective date of the resolution plan has been taken as November 16. Consequently, the consortium will get six months from the said date to pay the lenders.
The counsel for the lenders had sought a stay of two weeks on the order, but the same was denied.
So far, the Jalan-Kalrock consortium has deposited bank guarantees worth ₹150 crore with the lenders. As per the resolution plan, the consortium will have to pay ₹185 crore in cash to the financial creditors within 180 days from the effective date.
The consortium also proposed a total cash inflow of ₹1,375 crore, which included ₹475 crore for payment to stakeholders from it. The remaining ₹900 crore was to be infused for capital expenditure and working capital requirements. At ₹380 crore, the lenders took a huge cut on their accepted claims under the approved resolution plan amounting to over ₹7,807.7 crore.
The tribunal, in its order dated June 22, 2021, had approved the resolution plan submitted by the Jalan-Kalrock consortium, subject to necessary approvals. The consortium includes UAE-based NRIs Murari Lal Jalan, who will hold shares in Jet Airways in his individual capacity, and Florian Fritsch who will hold shares through his investment holding company Kalrock Capital Partners Ltd., Cayman.
The re-launch of the jet has been a much-awaited event since it received the Air Operator Certificate from the Directorate General of Civil Aviation (DGCA) last May.
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