Jet Airways: Will Jet Airways return? Committee of creditors gives green signal to Karlock Capital-Murari Jalan’s resolution plan

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Jet Airways: Will Jet Airways return?  Committee of creditors gives green signal to Karlock Capital-Murari Jalan's resolution planJet Airways (Photo Credits: Pixabay)

Jet Airways to Make a Comeback: Is Jet Airways going to return? According to reports, Jet Airways is set to make a comeback with a new owners Carlok Capital and Murari Jalan. If the Ministry of Civil Aviation has approved the resolution bid of Karlock Capital-Murari Jalan, then this airline can once again take off. The Resolution Plan Approved submitted was approved by the Committee of Creditors on Saturday, as there was e-voting of the creditors concluded on Saturday. The e-voting concluded today i.e. on 17 October and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch was duly approved as a successful resolution plan under 30 (4) under the CoC.

UAE businessman Murari Jalan partnered with London’s Carlock Capital to propose a plan to revive the operations of airlines struggling with economic crisis. The resolution bid for Jet Airways was backed by a majority of creditors.

Giving information about the scheme has been approved, Ashish Chavarria of Grant Thornton, who is a Jet Airways Resolution Professional Incharge. He said that Carlok Capital and Murari Jalan are expected to present the file for approval before the Ministry of Civil Aviation in the next few weeks. Also read: All Jet Airways flights stop from today, last flight departs at 10:30 pm

The resolution plan will be presented before the National Company Law Tribunal, or NCLT, which is hearing the bankruptcy action of Jet Airways. Reports have claimed that if the resolution scheme succeeds in obtaining regulatory approval, then the ground airlines can be revived in the next six months. Notably Jet Airways, which was once India’s largest private commercial airline, but stopped operating from 17 April 2019 due to heavy debt.

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