Lenders have time till October 16 to vote on the two proposals to revive Jet Airways.<\/p>\n
Kalrock Capital is the favourite to win the bid and social media was abuzz on Wednesday about lenders choosing it over the Imperial Capital-FSTC consortium.<\/p>\n
Resolution professional Ashish Chhawchharia said voting process is still underway and the news of lenders selecting Kalrock Capital is premature and devoid of facts. The UK based asset management company too has denied issuing any statement about it winning the bid.<\/p>\n
Voting will be on till October 16 and lenders would need to take approval of their respective boards before casting vote. The results will be communicated to the stock exchange only after all lenders have voted and that is unlikely before October 16.<\/p>\n
For any revival plan to pass the muster, it will have to secure 66 per cent of the votes of the lenders, who are part of the committee of creditors. Once the resolution plan is approved by the majority of the committee of creditors, the resolution professional will move an application in the National Company Law Tribunal for its approval.<\/p>\n
Jet Airways operated its last flight between Amritsar-Mumbai on April 17, 2019, as lenders turned down its demand for emergency funding. It has been under insolvency since June last with admitted claims of Rs 1572.30 crore. The amount of claims received is to the tune of Rs 37,543 crore, of which financial creditors have claimed Rs 11,290 crore.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lenders have time till October 16 to vote on the two proposals to revive Jet Airways. Kalrock Capital is the favourite to win the bid and social media was abuzz on Wednesday about lenders choosing it over the Imperial Capital-FSTC consortium. Resolution professional Ashish Chhawchharia said voting process is still underway and the news of lenders selecting Kalrock Capital is premature and devoid of facts. The UK based asset management company too has denied issuing any statement about it winning the bid. Voting will be on till October 16 and lenders would need to take approval of their respective boards […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-377481","post","type-post","status-publish","format-standard","hentry","category-civil-aviation"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/377481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=377481"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/377481\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=377481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=377481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=377481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}