Jet Airways Shares Rise 5% After NCLT Allows Jalan-Kalrok To Take Control Of The Airline
New Delhi: The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday approved the transfer of Jet Airways to the Jalan-Calrok consortium.
The consortium has been given another six months to make the payment for taking control of the airline. Shares of the grounded carrier rose 5 percent after the news.
On Friday, the shares traded at Rs. 70.65 but opened at Rs. reached a peak of 73.15.
NCLT has set November 16, 2022 as the effective date for the company to pay dues to various creditors. The Economic Times reported that SBI and other lenders opposed the extension of the process.
Jet Airways’ resolution plan submitted by the Jalan-Kalrok consortium was approved by the tribunal in its order dated June 22, 2021.
However, it was subject to necessary approvals. The consortium includes UAE-based non-resident Indian Murari Lal Jalan, who will hold shares in Jet Airways in his personal capacity, and Florian Fritsch, who holds shares through his investment holding company Calrock Capital Partners Limited, Cayman.
The Consortium will pay the financial creditors within 180 days from the effective date Rs. 185 crores to be paid in cash. He has so far raised Rs. 150 crore bank guarantee has been deposited.
loss and about Rs. After accumulating a debt of Rs 8,000 crore, Jet Airways ceased operations in April 2019.
The airline’s revival has been in the news ever since the Jylan-Calrock consortium emerged as the successful bidders in the carrier’s bankruptcy resolution process.
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