In a second lease of life to India’s oldest private carrier, the committee of creditors for Jet Airways has approved the resolution plan of a consortium of London based Kalrock Capital and UAE-businessman Murari Lal Jalan to revive the bankrupt airline.
The resolution professional in charge of Jet, Grant Thornton’s Ashish Chhawchharia, confirmed the same to ET.
Jet stopped operating in April last year and has been undergoing bankruptcy proceedings in NCLT.
The plan of the consortium was approved by “a substantial majority”, of the committee, said a person in the know.
The consortium plans to seek Jet’s flight slots that have now been allocated to its peers. It aims to apply to the ministry of civil aviation in the next few weeks.
“They plan to operate Jet as a long haul international airline like it was,” they said.
The next step is to seek NCLT approval. According to the plan, it aims to infuse funds, offer equity to Jet’s lenders and sell its old planes to buy new ones, said the person in the know.
