Thursday, February 11, 2021

As Jet Airways revival awaits final nod, winning consortia says it remains ‘committed’

New Delhi: With the final nod for reviving Jet Airways taking some time in the National Company Law Tribunal (NCLT), the Jalan-Kalrock consortium on Thursday said it remains “committed” to their resolution plan; has “no intentions of withdrawing from the ongoing resolution process” and remains confident the plan will be approved at the earliest.

The consortium was allowed by Jet creditors to revive the airline which was grounded in April 2019.

According to law firm Sarin and company, “State Bank of India has filed an appeal with the National Company Law Appellate Tribunal, New Delhi, seeking a direction to the NCLT (currently seized of the Jet Airways matter) to hear and dispose of the resolution plan approval application of among others pending matters, expeditiously. The matter is now listed for March 1, 2021.”

In a joint statement, M L Jalan, lead member of the consortium and Manoj Narender Madnani, board member of Kalrock said: “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.”

"The plan submitted by the consortium takes care of all the stakeholders of Jet Airways, including its financial and operational creditors and the revival of Jet Airways is of utmost importance for Indian aviation sector and for its longstanding loyal customers in India and abroad,” the joint statement added.

While the committee of creditors (CoC) had approved Jet’s revival plan last year, NCLT’s final nod is awaited.

11/02/21 Saurabh Sinha/Times of India

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