The Kalrock Capital-Murari Lal Jalan consortium has won the bid for Jet Airways, giving the airline a second lease of life that often looked unlikely since it was grounded since April 2019.
The consortium has got the majority of the votes polled by lenders. Confirming the development, Manoj Madnani, Board Member of Kalrock Capital, told Moneycontrol:
"I want to thank the CoC and the RP for managing the insolvency process. We look forward to engaging with the Jet Airways stakeholders, and bringing back the glory and legacy of the airline."
While it's not clear yet how many votes the combine got from lenders, it needed at least 66 percent to go past the finish line.
The Kalrock Capital-Murari Lal Jalan consortium has won the bid for Jet Airways, giving the airline a second lease of life that often looked unlikely since it was grounded since April 2019.
The consortium has got the majority of the votes polled by lenders. Confirming the development, Manoj Madnani, Board Member of Kalrock Capital, told Moneycontrol:
"I want to thank the CoC and the RP for managing the insolvency process. We look forward to engaging with the Jet Airways stakeholders, and bringing back the glory and legacy of the airline."
While it's not clear yet how many votes the combine got from lenders, it needed at least 66 percent to go past the finish line.
"I would also like to thank the RP for handling the insolvency process, and my advisors Deloitte and Luthra & Luthra," said Mandavia, and added, "I would especially like to thank Mr Braja Jena, Chairman and MD of Imperial Capital, for standing by me throughout the process."
Mandavia, a former pilot who had earlier flown for Jet Airways, said he will now focus on launching FlyBig, a regional airline that is expected to take off later this year.
17/10/20 Prince Mathews Thomas/Moneycontrol
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