Jet Airways came into discussions after shutting down. Jet Airways is positively set to get a new owner one-and-a-half years after it ceased operations due to a cash crunch. After over a day of deliberation, the Committee of Creditors has announced the consortium led by Karock Capital and UAE-based entrepreneur Murari Lal Jalan as the winning bidders for the beleaguered airline. The resolution professional of the airline will submit the winning bid to the National Company Law Tribunal, which will then have to give its approval before the consortium is declared as new owners of the airline.
“The e-voting concluded today, ie. October 17, 2020, and the resolution plan submitted by Mr. Murari Lal Jalan and Mr. Florian Fritsch has been duly approved by the CoC under section 30(4) of the Code as the successful resolution plan. 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 Hon'ble NCLT and intimation of the same shall be given to the members as required,” Jet Airways said in a regulatory filing.
The consortium of Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan reportedly offered higher returns to lenders. A leading business daily reported that their offer includes a total payout of Rs 866 crore to all lenders. The report said that this included a Rs 380 crore payout to financial creditors, and non-convertible debentures (NCDs) guaranteeing Rs 391 crore of net present value. This, the report added, is excluding airport and parking charges.