The Jalan Kalrock Consortium, Jet Airways’ new owner, plans to invest more funds into the airline, while its earlier commitment of Rs 350 crore is being expedited.
According to the Jalan Kalrock Consortium, which has been chosen to take ownership of Jet Airways following its suspension in April 2019, the Indian airline is ready to resume domestic operations. Through a time-sensitive infusion of fresh capital, the Consortium intends to fast-track the implementation of the Approved Resolution Plan through the National Company Law Tribunal (NCLT).
As per the plan approved by the NCLT in June, the Consortium intends to start paying all stakeholders, including ex-employees, workmen and lenders of Jet Airways. The Consortium indicated December 22 as the “effective date” for its plan, and seeks to implement it as soon as possible based on the plan approved by NCLT in June.
The lead member of the consortium and non-executive chairman of Jet Airways, Mr. Murari Lal Jalan, said: “We are excited to embark on the next phase of the revival of India’s most loved airline. We at JKC await the Hon’ble NCLT’s decision on our last filing and look forward to recommencing operations of Jet Airways at the earliest.”
Jalan explained further that “the Consortium is ready with its investments. Given the progress the team has made operationally since NCLT Approval in June, we feel it is time to fund the company immediately for the revival of the business, without delay”.
He further said that “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.”
