Jet Airways on Saturday said that the resolution plan submitted by Murari Lal Jalan and Florian Fritsch's Kalrock Capital has won the bid to acquire the airline.
Murari Jalan, an UAE-based businessman, had partnered with London-based Kalrock Capital, a financial advisory and asset management company founded by European entrepreneur Florian Fritsch, for a proposal to revive operations of the cash-strapped Jet Airways, the airline which was grounded last year.
The announcement was made by the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process via a regulatory filing.
Ashish Chhawchharia, RP for Jet Airways, said that the committee of creditors has concluded e-voting on the final resolution plans submitted by the two shortlisted bidders.
"The e-voting concluded today, October 17, and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC...," the filing said.
"The `Resolution Professional` is in the process of filing an application in accordance with Section 30(6) of the Code for approval of the said resolution plan by the NCLT and intimation of the same shall be given to the members as required."
The 17th meeting of Committee of Creditors (CoC) of Jet Airways was held on October 3 and the final resolution plans submitted by two resolution applicants were discussed.
It was decided that they would be put up for e-voting by the CoC members. Once a resolution plan has been approved by the CoC with requisite majority, an application will be filed by the RP for approval by the NCLT.
Apart from the Jalan-Kalrock consortium, the other bids for Jet Airways are by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi`s Imperial Capital Investments LLC.
Jalan is a UAE-based entrepreneur, who owns the company MJ Developers, and has interests in diverse sectors like real estate, mining, trading, construction, FMCG, travel and tourism and industrial works globally.
Jalan has investments in the UAE, India, Russia and Uzbekistan, among other places.
London-based Kalrock is a global firm operating in financial advisory and alternative asset management, managing significant partners` assets across a number of clearly defined and diversified strategies and single investments, with focus on private markets.
It is mainly active in three verticals -- real estate, venture capital and special situations.
Jet Airways had halted operations in April 2019 due to acute cash crunch. On March 25, Goyal, the then Jet Airways chairman, had stepped down.
Jet was facing a financial crisis due to bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries of its pilots and other staff.
(With inputs from agencies)
