Jet Airways: Murari Lal Jalan and Fritsch's Kalrock Capital Resolution Proposal Wins Bid for the Carrier
Jet Airways on Saturday said that the resolution plan submitted by Murari Lal Jalan and Florian Fritsch of Kalrock Capital has won the bid to acquire the airline.
The announcement was made by the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process via a regulatory filing.
Ashish Chhawchharia, RP for Jet Airways, said that the committee of creditors (CoC) has concluded e-voting on the final resolution plans submitted by the two shortlisted bidders.
"The e-voting concluded on 17th October, and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC...The 'resolution professional' is in the process of filing an application in accordance with Section 30(6) of the code for approval of the said resolution plan by the National Company Law Tribunal (NCLT) and intimation of the same shall be given to the members as required."
The 17th meeting of CoC of Jet Airways was held on 3 October 2020 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.
Mr 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.
Mr Jalan has investments in the UAE, India, Russia and Uzbekistan, among other places.
Mr Fritsch is a German entrepreneur, investor and former racing driver. He is the founder and chairman of the FRITSCH Group, based in Vaduz, and of Kalrock, an investment firm with its headquarters in Zug.
He is also chairman of Kalrock, an investment group. London-based Kalrock operates 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.
The cash-strapped airline stopped its operations in April last year and is undergoing bankruptcy proceedings at the Mumbai bench of NCLT after its lenders led by the State Bank of India dragged it to the bankruptcy court.