Mumbai, November 6: The resolution professional of Jet Airways has submitted the revival plan approved by the committee of creditors to the National Company Law Tribunal (NCLT), according to a stock exchange notification on Thursday.
Once the NCLT gives the go-ahead, the winning consortium of Murari Lal Jalan and Florian Fritsch can pump in funds required to revive the airline.
“Further to our letter dated October 17, 2020 informing your good office about the approval of the resolution plan for Jet submitted by Murari Lal Jalan and Florian Fritsch by the committee of creditors… the resolution professional of Jet has duly 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,” said resolution professional Ashish Chhawchharia in the BSE filing, Live Mint reported.
On 18 October, lenders to Jet Airways (India) Ltd accepted a ₹1,000-crore bid by a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline that last flew on 17 April, 2019.
At present, various creditors have a combined claim of over ₹25,000 crore against the airline, which includes claims of over ₹8,000 crore by financial creditors. However, financial creditors are expected to recover only a fraction of their dues.
Jet Airways had earlier received bids from two consortiums, one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC.
The new owner of the airline is set to face several challenges to turn around Jet Airways, which include its massive debt, dues to employees, airports, ground handlers and others.