The Mumbai Bench of the National Company Law Tribunal (NCLT) will hear the matter of Jet Airways’ resolution plan on December 3. On Thursday, the Resolution Professional (RP) of Jet had moved an application with the NCLT seeking approval for the offer made by the consortium of financial advisory firm Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.
Also read: Kalrock-Jalan consortium deposits ₹150 cr as first step to take ownership of Jet Airways
Last month, the consortium had submitted a resolution plan to resurrect the debt-strapped airline. “The NCLT will now check if the RP has followed the IBC process — whether the meetings have been conducted, minutes kept, and voting conducted per norms,” said a source aware of the proceedings.
When asked how easy or difficult getting NCLT approval will be, the person said: “Unless something is flagged or an objection is filed, the NCLT will not comment on whether the business plan is viable or not because that is the prerogative of the CoC (Committee of Creditors).”
The CoC had approved the Jalan-Kalrock consortium’s ₹1,000-crore plan on October 17. The lenders will get a 9.5 per cent stake in Jet Airways along with 7.5 per cent equity in loyalty rewards firm InterMiles.
Once the NCLT approves the resolution plan of the consortium, issues related to slots, traffic rights and waivers will have to be sorted out.
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