Thursday, September 14, 2023

Jalan-Kalrock Consortium eyes control of Jet Airways by year end, ET Infra

New Delhi: Despite a prolonged legal battle, Jalan-Kalrock consortium remains committed to revive Jet Airways. The consortium of UAE-based businessman Murari Lal Jalan and UK’s Kalrock Capital Partners expects to take control of the airline by end of the year and have asked banks to complete the regulatory process.

The consortium on August 31 deposited Rs 100 crore as part of its payment plan to lenders which amounts to Rs 350 crore.

Another tranche of Rs 100 crore will be paid by September 30, while the consortium has sought adjustment of Rs 150 crore through encashment of a performance bank guarantee deposited in favour of the lenders.

“The lenders after multiple reminders haven’t completed the conditions that were part of the resolutions. It takes time to seek regulatory approval for appointment of directors from registrar of companies, but the process has been delayed hindering the resolution process,” a person aware of the development said.

14/09/2023 B2Bchief

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