Investors, London-based Kalrock Capital and UAE-basedbusinessman Murari Lal Jalan, have won resolution proposal bid for Jet Airways.
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 thecommittee of creditors has concluded e-voting on the final resolution planssubmitted by the two shortlisted bidders.
"The e-voting concluded today, October 17, and theresolution plan submitted by Murari Lal Jalan and Florian Fritsch has been dulyapproved by the CoC...," the filing said.
"The 'Resolution Professional' is in the process offiling an application in accordance with Section 30(6) of the Code for approvalof the said resolution plan by the NCLT and intimation of the same shall begiven to the members as required."
The 17th meeting of Committee of Creditors (CoC) of JetAirways was held on October 3 and the final resolution plans submitted by tworesolution applicants were discussed.
It was decided that they would be put up for e-voting by theCoC members. Once a resolution plan has been approved by the CoC with requisitemajority, an application will be filed by the RP for approval by the NCLT.
Apart from the Jalan-Kalrock consortium, the other bids forJet Airways are by Haryana-based Flight Simulation Technique Centre, Mumbai-basedBig Charter and Abu Dhabi's Imperial Capital Investments LLC.
Jalan is a UAE-based entrepreneur, who owns the company MJDevelopers, 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 andUzbekistan, among other places.
London-based Kalrock is a global firm operating in financialadvisory and alternative asset management, managing significant partners' assetsacross a number of clearly defined and diversified strategies and singleinvestments, with focus on private markets.
It is mainly active in three verticals -- real estate,venture capital and special situations.
All in all, positivity is in the air now for the ailingairline and all its employees. In addition, the company will need to hire newpersonnel to get its planes flying again.