Jet Airways: Jalan-Kalrock says completing Rs 350 crore payment; plans to start airline in 2024
The consortium said that its strategy to revive the airline remains unaltered. The new promoters aims to re-establish the operations of the airline up and running in 2024.
Published: 29th September 2023 01:05 PM | Last Updated: 29th September 2023 01:05 PM | A+A A-
Jet Airways (File photo| EPS)
NEW DELHI: The Jalan Kalrock Consortium (JKC), the new proposed promoters of Jet Airways, on Friday said that it has completed an additional infusion of 100 crores, reaffirming commitment to a successful resurgence of airline which was grounded in April 2019.
The consortium said that its strategy to revive the airline remains unaltered. The new promoters aims to re-establish the operations of the airline up and running in 2024.
With this infusion, JKC said it has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the airline.
Last month, the National Company Law Appellate Tribunal (NCLAT) had extended the time till September 30 for JKC to pay a sum of Rs 350 crore to the lenders of the bankrupt Jet Airways.
JKC had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The ownership transfer of the airline is yet to take place amid continuing differences between lenders and consortiums.
The new lease of hope for the revival of the airline comes after the committee of creditors of Jet Airways had in July told the Supreme Court that the Jalan-Kalrock’s resolution plan approved by the National Company Law Tribunal (NCLT) is not working and called for the liquidation of the grounded airline.
