Jet Airways India Ltd.'s new owner has approached India's bankruptcy tribunal to fast-track the carrier's resolution with a fund infusion.
The consortium of British firm Kalrock Capital and U.A.E.-based entrepreneur Murari Lal Jalan said it wants to commence payments to all stakeholders, including ex-employees, workmen, ticket claimants and lenders, according to the plan approved by the National Company Law Tribunal in June.
"In its latest filing before the NCLT, the Consortium has intimated December 22, 2021, as its plan 'effective date' and seeks to forthwith implement the plan as approved previously by NCLT in June 2021," the consortium said in a statement.
Jet Airways aims to start its operations "at the earliest" in 2022 as a full-service carrier, Jalan, who is proposed to be the non-executive chairman of the airline, was quoted as saying. The consortium said revalidation of its existing air operator certificate was initiated in August.
Florian Fritsch of Kalrock Capital Partners and Jalan said the airline aims to commence operations in 2022 with six narrow-body aircraft and ramp up its fleet to over 100+ flights over the next five years.
This NCLT approved Jet Airways' insolvency resolution plan, paving the way for revival of the airline that was grounded since 2019 after it ended in bankruptcy under its founder Naresh Goyal.
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