Jet creditors to be paid ₹600 cr over two years
The consortium chosen to resurrect Jet Airways (India) Ltd has proposed to invest ₹600 crore in the first two years in the grounded airline to repay creditors and acquire an 89.79% stake in the carrier.
This would include raising ₹125 crore from selling non-core assets of Jet, lawyers representing lenders and their chosen resolution professional told the Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday.
The consortium comprising London-based asset management firm Kalrock Capital and entrepreneur Murari Lal Jalan is currently awaiting the bankruptcy court’s approval to restart Jet that stopped flying in April 2019 amid an acute cash crunch and large debt.
