Jet Airways declared bankruptcy and insolvency 16 months ago. And two months after declaring bankruptcy, when they shut down, we never thought we’d ever see our favourite airlines again. Well, we have not just good but great news for you. Jet Airways will now make a comeback with new owners, Kalrock Capital and Murari Lal Jalan. The consortium won the bid for the said company. Read on to know more.
Jet Airways Returns With New Owners Kalrock Capital-Murari Lal Jalan
The Kalrock Capital-Murari Lal Jalan consortium won the bid for Jet Airways by gaining the majority of votes polled by lenders. Speaking to Moneycontrol, Manoj Madnani, Board Member of Kalrock Capital said, “I want to thank the CoC and the RP for managing the insolvency process. We look forward to engaging with the Jet Airways stakeholders, and bringing back the glory and legacy of the airline.”
— Jet Airways 2020 (@jetairways2020) October 17, 2020
Speaking about this development, Resolution Professional Ashish Chhawchharia told the exchanges in an announcement later, “The e-voting concluded today, ie. October 17, and the resolution plan submitted by Murari Jalan and Florian Fritsch has been duly approved by the CoC…The resolution professional is in the process of applying 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 Revival To Help Employees & Airline Industry
The resolution professional will submit the winning plan to the National Company Law Tribunal, which will then approve the new owners to take over Jet Airways. The insolvency process had to get over by October 21, the deadline. The Kalrock-Murari had faced off with the against FSTC, Big Charter and Imperial Capital. Sanjay Mandavia, Founder of FSTC and Big Charter, told Moneycontrol, “I welcome the decision taken by the lenders, and congratulate the Kalrock-Jalan combine.” This resurgence of Jet Airways happens when airlines are struggling to keep its business flying. As the pandemic made several airlines bankrupt, this will help several employees as well. In India, air traffic is still not as last year but it is picking up as the months go by. Vistara CCO, Vinod Kanan reveals in this interview below that air travel is one of the safest ways to travel.