More

    Kalrock Capital, Murari Lal Jalan win bid for Jet Airways

    Must Read

    Five persons caught performing tantric rituals on wildlife turtles

    Rajesh Bhavsar of GSPCA had received information for the last two months that a big conspiracy of...

    SSG hospital Postmortem department and cold room is the largest in Central Gujarat

    Postmortem of 2000 bodies (non-covid) including 1500 in corona period has been done here, autopsy performed at...

    Covid 19 cases reached 22814 in Vadodara after 68 new cases on Wednesday

    Total 62 discharged from hospital taking the total to 21550 The number of positive...

    A week ago, reports emerged that a consortium of Kalrock Capital and Murari Lal Jalan were likely to become new owners of Jet Airways. On Saturday, the consortium’s bid was confirmed as the winner by the Committee of Creditors.

    Sources reported Kalrock Capital and Murari Lal Jalan plan to infuse Rs 1,000 crore into Jet Airways, sell old aircraft and buy news ones and also offer equity to the lenders.

    Kalrock Capital is a UK-based asset management company and Jalan is a UAE-based entrepreneur.

    The debt-ridden company had to wind up operations in April last year and became the first domestic airline to go into bankruptcy after the National Company Law Tribunal (NCLT) admitted an insolvency plea filed by State Bank of India (SBI) on behalf of 26 lenders in June 2019.

    According to earlier media reports, the offer made by Kalrock Capital was around Rs 475 crore in equity and NCDs in addition to approximately Rs 400 crore to meet the costs related to the Corporate Insolvency Resolution Process (CIRP). This includes the fees for the resolution professional and other costs to manage Jet Airways assets.

    The carrier owes banks Rs 8,000 crore and faces total claims of Rs 40,000 crore. October 21 was the deadline for Jet Airways’ insolvency process to be completed.

    With Kalrock Capital and Murari Lal Jalan being confirmed as the new owners of Jet Airways, the National Company Law Tribunal has to approve the resolution plan. After this, the new owners need approvals from the civil aviation and corporate affairs ministries to resume operations.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Samsung Galaxy Tab Active rugged tablet launched

    Samsung has launched Galaxy Tab Active a rugged tablet built to meet the rigors of today`s mobile...

    SSG hospital Postmortem department and cold room is the largest in Central Gujarat

    Postmortem of 2000 bodies (non-covid) including 1500 in corona period has been done here, autopsy performed at 7 to 8 covid positive...

    Covid 19 cases reached 22814 in Vadodara after 68 new cases on Wednesday

    Total 62 discharged from hospital taking the total to 21550 The number of positive cases in Vadodara reached 22814...

    Kangana Ranaut’s Twitter account restricted temporarily

    Actress Kangana Ranaut on Wednesday tweeted that her Twitter account has been restricted temporarily. This comes after she made controversial remarks about...

    Samsung Galaxy Tab Active rugged tablet launched

    Samsung has launched Galaxy Tab Active a rugged tablet built to meet the rigors of today`s mobile workforce in the US. As...

    More Articles Like This

    - Advertisement -