Saturday, December 18, 2021

Jalan Kalrock Consortium, the successful resolution applicant of Jet Airways, says it is ready to commence domestic operations of the defunct airline.

New Delhi: The consortium has approached the National Company Law Tribunal (NCLT) to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways.

The Consortium wants to commence payments to all stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways as per the plan approved by the NCLT in June 2021.

In its latest filing before the NCLT, the Consortium has intimated December 22, 2021, as its plan “effective date”.

Speaking about it, Murari Lal Jalan, Lead Member of the Consortium and Proposed Promoter and Non-Executive Chairman of Jet Airways said, “We are excited to embark on the next phase of the revival of India’s most loved airline. We at JKC await the Hon’ble NCLT’s decision on our last filing and look forward to recommencing operations of Jet Airways at the earliest."

Jalan further added, “The Consortium is ready with its investments, and given the progress the team has made operationally since NCLT Approval in June 2021, we feel it is time to fund the company immediately for the revival of the business, without delay”.

Speaking on his plans of revival, Florian Fritsch of Kalrock Capital Partners, Partner in Jet Airways said, “The decision to invest in Jet Airways has been well thought of by me and Mr Jalan and we both feel that now is the time that next steps of plan implementation be complied with as per orders of the NCLT.”

Fritsch informed Jet Airways will commence its operations in 2022 with six narrow body aircraft and touch a figure of more than 100 aircraft over the next five years.

Speaking of his partner, Murari Lal Jalan, Fritsch says, "He is a true visionary who wants to maintain a low profile but has big plans. It was his idea to invest in Jet Airways and Kalrock is glad to have partnered with him on this transaction. We are also exploring other business opportunities together in Indo-Pacific Region and in Eastern Europe”.

The Jalan Kalrock Consortium said it initiated the process to revalidate its existing Air Operator Certificate (AOC) in August 2021 itself, within days of receiving the NCLT approval, and the process has now been fast-tracked.

17/12/21 Poulomi Saha/India Today

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