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Business News/ Companies / News/  Jet Airways clarifies Kalrock Capital consortium did not win bid
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Jet Airways clarifies Kalrock Capital consortium did not win bid

Economic Times had reported, quoting a company official, that London-based asset management company Kalrock Capital and UAE investor Murari Lal Jalan have been chosen as new owners of the bankrupt airline

Jet Airways suspended operations last April due to acute fund crunch. (Photo: Reuters)Premium
Jet Airways suspended operations last April due to acute fund crunch. (Photo: Reuters)

MUMBAI: Jet Airways on Thursday clarified that the consortium of Kalrock Capital and Murari Lal Jalan has not won the bid for the bankrupt airline.

In a notification to the stock exchanges, the resolution professional of the stressed airline company said the committee of creditors has not concluded e-voting on the final resolution plans submitted by two shortlisted bidders.

The statement added that the Jalan-Kalrock consortium has intimated to the resolution professional that it has not made any statement claiming to have been chosen as the successful resolution applicant.

The clarification comes after Economic Times carried a report quoting a company official that London-based asset management company Kalrock Capital and UAE investor Murari Lal Jalan have been chosen as new owners of the bankrupt airline.

Jet Airways had received bids from two consortiums—one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. One of the two had sought more time to revise the bid upwards, and lenders had agreed to give more time for both to submit revised bids.

The carrier was admitted to the National Company Law Tribunal (NCLT) in June 2019.

Since then, the committee of creditors has met 16 times. The insolvency process for Jet Airways, which was grounded in April 2019, due to an acute fund crunch, was supposed to be completed by June this year. The deadline was first extended to 21 August due to lockdown curbs, and then extended for an unspecified time by lenders-appointed resolution professional for the airline, Ashish Chhawchharia.

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ABOUT THE AUTHOR
Gopika Gopakumar
Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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Updated: 08 Oct 2020, 12:34 PM IST
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