In the joint statement, Jalan and Manoj Madnani, board member of Kalrock Capital, said, “The Jalan-Kalrock Consortium is committed towards their submitted resolution plan and for the revival of Jet Airways
and have no intentions of withdrawing from the ongoing resolution process. The consortium has faith in the Indian judicial system and is confident that their plan would be approved by the adjudicating authority as is, and at the earliest.”
“The plan submitted by the consortium takes care of all the stakeholders of Jet Airways, including its financial and operational creditors,” it added.
According to the plan, the consortium wants to restart Jet Airways
as a full service airline with bases in Mumbai, Delhi, and Bengaluru and operate international flights to Europe and West Asia.
Last October the committee of creditors (CoC) approved the consortium’s resolution plan, which was then submitted to the National Company Law Tribunal in November. The group had hoped to start operations from summer of 2021 and began talks with aircraft manufacturers and lessors.
However, the plan is yet to receive approval and employee unions have moved the tribunal seeking a copy. The NCLT
is expected to pass an order on February 22.
There has been unease among Jet employees over the time taken to decide the matter, but lawyers handling insolvency cases say there was nothing unusual in this, considering infrastructure constraints. NCLT
matters are being heard virtually since the easing of the lockdown.
Creditors, too, have expressed frustration as delay in approval would lead to further devaluation of assets.
Earlier in the month, the CoC had filed an appeal in the National Company Law Appellate Tribunal seeking direction for expeditious hearing of the resolution plan, but it did not get relief.
Kalrock is a financial advisory and asset management company focused on real estate, venture capital and special situations. The firm has partnered with Dubai-based Jalan, who has investments in diverse sectors like real estate, mining, trading, FMCG, across various countries like the UAE, India, Russia, and Uzbekistan.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.