NEW DELHI: Lenders of Jet Airways on Wednesday raised questions on the source of Jalan Kalrock Consortium’s (JKC) funds to take over the grounded airline and even alleged chances of money laundering.
This development comes after the JKC had last week announced that it has paid R350 crore to the lenders towards the revival of the grounded airline which flew last on April 17, 2019.
Jet Airways’ Committee of Creditors (CoC) at a National Company Law Appellate Tribunal (NCLAT) hearing on Wednesday said that JKC’s source of money is doubtful and the money received from them has come from several accounts. Additional Solicitor General (ASG) N Venkatraman, who was representing the lenders, alleged that the money deposited could have been laundered.
The lenders also expressed apprehensions about the consortium’s foreign partner Florian Fritsch whose properties were searched in 2022 by European agencies in connection with a money laundering probe. JKC is led by UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital, which is promoted by Fritsch.
The consortium’s lawyer denied the serious allegations related to the source of their funds. Senior advocate Krishnendu Dutta, appearing for JKC, said that the majority of the money has been paid by Murari Lal Jalan and all funds were transferred as per the resolution plan.
Dutta said that the creditors have raised the allegations as they don’t want to transfer the ownership of the airline to them. JKC in a separate statement said, “We highly question the lenders’ intent to transfer the ownership of the company in favour of JKC after JKC has executed all its obligations under the court-approved resolution plan by paying the full amount of R350 crore.
This is in light of the latest application filed by the CoC (committee of creditors) to stay the implementation of the approved resolution plan recently in NCLT.” The NCLAT has directed the lenders to file their objections by the next date of hearing.