Jalan-Kalrock consortium approaches NCLT to fast-track Jet resolution

Mumbai: The winning consortium of Jet Airways on Friday said it wants to infuse funds in the airline and has approached the NCLT to fast-track implementation of the resolution plan approved by the insolvency court in June this year.

The consortium, in a statement, also said it plans to restart domestic operations at the earliest in 2022 as a full-service carrier.

The Murari Lal Jalan and Florian Fritsch consortium, which emerged as the winning bidder for Jet Airways after the completion of the resolution process under the Insolvency and Bankruptcy Code, said it wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders of Jet Airways as per the approved plan.

The consortium is ready with the required capital and has applied to the NCLT for the necessary approvals to start capital infusion in Jet Airways for further implementation of the plan approved by the tribunal in June 2021, it said.

In its latest filing before the National Company Law Tribunal (NCLT), the consortium has intimated December 22, 2021 as its plan "effective date" and sought to implement the plan as approved earlier, it said.

It added that the process of revalidation of its existing Air Operator Certificate (AOC) has been fast-tracked, saying that it was initiated in August itself, within days of receiving the NCLT approval.

Besides, the consortium said it is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking and is confident to get the initial slots required to commence operations in the Summer Schedule next year.

"The Consortium is ready with its investments and given the progress the team has made operationally since NCLT Approval in June 2021, we feel it is time to fund the company immediately for revival of the business, without delay," said Jalan, lead member of the consortium and proposed promoter and non-executive chairman of Jet Airways.

"We are aiming to start domestic operations at the earliest in 2022 as a full-service carrier and look forward to creating history with Jet Airways revival," Jalan added.