On November 5, the Jet Airways insolvency process went to the next step with the resolution professional submitting the winning resolution plan with the National Company Law Tribunal.
Kalrock Capital – Murari Jalan got the majority votes from lenders against FSTC, Big Charter, and Imperial on October 17. On Thursday, Ashish Chhawchharia, a resolution professional, informed the Bombay Stock Exchange (BSE) that the Kalrock-Jalan resolution plan has been submitted to the Tribunal. The court still needs to list the insolvency case and conduct a hearing before it approves the plan.
On November 3, the winning consortium had submitted the performance security bond of 150 crore rupees. With the Insolvency and Bankruptcy Code in place, a bidder needs to deposit the amount to bind the party in a bond, so that he or she can’t refute later.
The Kalrock and Jalan consortium plans to invest 1,000 crore rupees in Jet Airways. After the approval of the plan from the National Company Law Tribunal, the new owners will have to approach the Ministry of Civil and industry regulator DGCA for multiple clearances. The clearances include getting the air operator certificate for a slot at the airport for its landing and take off.
