Kalrock consortium not declared successful applicant: Jet Airways

NEW DELHI: Jet Airways has clarified that the Kalrock Capital-Murari Lal Jalan consortium has not won the bid for the airline.

In a regulatory filing, the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process, clarified the status.

Ashish Chhawchharia, the RP for Jet Airways, said that the committee of creditors has not concluded e-voting on the final resolution plans submitted by the two shortlisted bidders.

The clarification added that the Kalrock-Jalan consortium has intimated the resolution professional that it has not made any statement claiming to have been chosen as the successful resolution applicant.

The RP will make appropriate disclosures before the stock exchanges after the voting process is duly concluded, the statement said.

The clarification came after reports emerged that the consortium had been chosen as the winner for the bankrupt airline.

The 17th CoC meeting of Jet Airways was held on October 3 and the final resolution plans submitted by two resolution applicants were discussed. It was decided that they would be put up for e-voting by the CoC members. Once a resolution plan has been approved by the CoC with requisite majority, an application will be filed by the RP for approval by the NCLT.

Apart from the Jalan-Kalrock consortium, the other bids for Jet Airways are by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC.

Jalan is a UAE-based entrepreneur, who owns the company MJ Developers, and has interests in diverse sectors like real estate, mining, trading, construction, FMCG, travel and tourism and industrial works globally.

Jalan has investments in the UAE, India, Russia and Uzbekistan, among other places.

London-based Kalrock is a global firm operating in financial advisory and alternative asset management, managing significant partners’ assets across a number of clearly defined and diversified strategies and single investments, with focus on private markets.

It is mainly active in three verticals — real estate, venture capital and special situations.

Source: IANS

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