Shares of Jet Airways scaled upper circuit on Thursday after reports that London-based asset management company Kalrock Capital and UAE investor Murari Lal Jalan have been chosen as the new owners of the bankrupt airline.
According to the media report, the consortium led by Kalrock was chosen by the committee of creditors in a meeting.
Kalrock, the London-based asset management company, has interests in real estate, venture capital and “special situations”.
Another consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai’s Big Charter and Abu Dhabi’s Imperial Capital Investments was also in the race.
Last week, Jet Airways has informed the exchanges that the final resolution plans submitted by two resolution applicants were put for e-voting for approval by the creditors’ committee. The two shortlisted resolution applicants include a consortium of financial advisory firm Kalrock Capital and Murari Lal Jalan, a UAE-based entrepreneur, and another consortium led by Sanjay Mandavia’s Flight Simulation Technique Centre (FSTC).
Jet Airways, India’s oldest private carrier, suspended its operations in April last year due to a cash crunch and piling debt and was dragged to India’s bankruptcy court in June, by its lenders, to whom it owed more than Rs 8,000 crore. State Bank of India is the lead lender.
Jet Airways is facing claims of over Rs 36,090 crore in NCLT, of which Rs 14,640 crore of claims have been admitted by the resolution professional. October 21 is the deadline for Jet Airways’ insolvency process to be completed.
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