Jet Airways
Jet Airways

The resolution professional of Jet Airways has submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the National Company Law Tribunal (NCLT).

Once the the Mumbai-bench of the tribunal gives the go-ahead, the winning consortium of Jalan and Florian Fritsch can pump in funds required to revive the airline.

"The resolution professional of Jet has duly filed the resolution plan as approved by the CoC with the Hon'ble National Company Law Tribunal, Mumbai Bench on November 5, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing.

Last month Jet's Committee of Creditors (CoC) had approved the Rs 1,000 bid by Jalan and Fritsch.

The admitted debt of Jet Airways was Rs 8,000 crore.

It is expected that the airline will fly again in around four to six months after the new owners take over the airline.

A total of 12 aircraft of the airline which have been grounded for the past 18 months need to be restored after maintenance and made operational.

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Free Press Journal