Thursday, February 11, 2021

Jalan Kalrock Consortium rubbishes rumours of its withdrawal from revival of Jet Airways

The consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital, in a joint statement, have disregarded all rumors of its withdrawal from the revival plans of Jet Airways calling it 'baseless'.

In the statement released by Mr Jalan, Lead Member of the Consortium, and Mr Manoj Narender Madnani, Board Member of Kalrock Capital, it said, "all rumours surrounding around the withdrawal of the Consortium from the revival of Jet Airways are baseless and the Consortium denies the same".

The statement read that it is 'committed towards their submitted Resolution Plan 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", said the statement.

In December 2020, the consortium, which had won the bid to revive Jet Airways, expected to start operating the airline by the summer of 2021. Two months back, the consortium was awaiting approvals from the National Company Law Tribunal (NCLT) and other regulatory approvals.

In fact, in a joint statement on December 7, the consortium had said that talks had been "extremely positive" between the Ministry of Civil Aviation and the Directorate General of Civil Aviation (DGCA) to reinstate airport slots and bilateral traffic rights of Jet Airways.

However, the NCLT hearings have been constantly getting delayed. As per reports, the Mumbai Bench will give its order on February 22 whether or not to share the resolution plan of Jet Airways with its employees.


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