Jet Airways revival: Jalan Kalrock Consortium approaches NCLT to expedite capital infusion
New Delhi/IBNS: The Jalan Kalrock Consortium has approached the National Company Law Tribunal (NCLT) to expedite the implementation of the Approved Resolution Plan by infusing capital as the new owners of Jet Airways want to start paying the dues of all stakeholders.
In a statement issued on December 17, the consortium said it wants to pay the dues to all the stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways in accordance with the plan issued by the NCLT in June 2021, reported Money Control.
In the latest filing before NCLT, Jalan Kalrock has informed that it is ready to launch Jet Airways operations in India by December 22, 2021, and has sought permission to forthwith implement the plan that was approved by the NCLT in June 2021, the report said.
“We are excited to embark on the next phase of the revival of India’s most loved Airline. We at JKC await the Hon’ble NCLT’s decision on our last filing and look forward to recommencing operations of Jet Airways at the earliest,” said Murari Lal Jalan, lead member of the consortium and proposed promoter and Non-Executive Chairman of Jet Airways, according to the report.
He explained: “The Consortium is ready with its investments and given the progress the team has made operationally since the NCLT approval in June 2021, we feel it is time to fund the company immediately for the revival of business without delay.”
Detailing the plans to revive Jet Airways, Florian Fritsch of Kalrock Capital Partners and Partner of Murari Lal Jalan in Jet Airways, said: “The decision to invest in Jet Airways has been well thought off by me and Mr Jalan and we both feel that now is the time that next steps of plan implementation be complied with as per orders of the NCLT.”
Speaking about the Jet Airways 2.0 fleet type, Florian said: “Jet Airways will commence its operations in 2022 with six Narrow Body Aircraft and reach a 100+ Aircraft Fleet as a 5-year plan. Even with an aggressive expansion strategy, Jet Airways intends to be an ESG Compliant Aviation Company.”
The Jalan Kalrock Consortium has said that the revalidation of its existing Air Operator Certificate (AOC) was started in August 2021 itself, soon after it receiving the NCLT nod.
The process has now been fast-tracked and the consortium is confident of receiving the AOC in the coming months, it said, reported Money Control.
Jet Airways has an AOC till 2023, which was suspended in 2019 due to its poor financial health.
The consortium has asked NCLT to hasten the process in order to remove this suspension and make the company functional.