Wednesday, February 24, 2021

Jet Airway's creditors, staff to get Rs 1,183 cr in 5 years from Kalrock-Jalan consortium

The consortium of Kalrock Capital and UAE-based entrepreneur Murari Lal Jain will pay Rs 1,183 crore over five years to employees, workmen and financial creditors of Jet Airways.

Jet Airways was admitted to the National Company Law Tribunal (NCLT) in June 2019 for insolvency proceedings. The defunct airlines' Committee of Creditors had approved Kalrock-Jalan consortium's resolution plan last year.

The consortium will pay the money from internal accruals, sale of assets of Jet Airways and cashflow after the resumption of operation, the Economic Times reported citing the resolution plan presented in NCLT.

While the airline's workmen and employees will get Rs 113 crore against the claim of over Rs 1,200 crore in first 180 days, its financial creditors will get Rs 1,010 crore over five years against a claim of Rs 1,200 crore. While employees will get Rs 11,000, workmen will get Rs 10,200, some phones and stationary and free tickets of Rs 10,000 for travel.

The consortium has also offered to buy Etihad Airways' 51 per cent stake in the airline's loyalty programme, Intermiles.

23/02/21 Business Today

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