Eighteen months after its closure, Jet Airways is ready to make its return, albeit with new owners – Kalrock Capital and Murari Lal Jalan.
The Kalrock Capital-Murari Lal Jalan consortium’s resolution plan has been approved by the creditors’ committee, as the lenders’ electronic voting was concluded this Saturday.
Since the creditors’ committee has voted for the consortium led by Kalrock Capital to revive the airline, it will now have to get the plan approved by the National Corporate Law Court (NCLT), and then must apply to the Ministry of Civil Aviation and the Ministry of Corporate Affairs for approval.
“Jet Airways’ slots at major airports and their traffic rights were temporarily granted to other airlines. Their operating permit is inactive and would have to be activated and the licenses of the pilots and engineers would have to be renewed. The entire investment is contingent upon the airline receiving these approvals,” said one person familiar with the issue.
Jet Airways made its last flight between Amritsar-Mumbai on April 17, 2019, after lenders rejected its demand for emergency funds. Since June 2019, it became the first airline to be admitted under the insolvency and bankruptcy code (IBC).