BackJet Airways up 5% as lenders approve resolution plan
Jet Airways hasn’t flown since 17 April 2019 after it halted flights due to an acute cash crunch
PremiumShares of Jet Airways India Ltd hit the 5% upper circuit for the eight consecutive session on Monday after the lenders approved the resolution plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline.
At 10.25 am, the scrip at ₹42.15 apiece on the BSE, up 5% from its previous close. Since the last eight sessions, the stock has gained 47%, while so far this year it has surged 45%.
Jet Airways hasn’t flown since 17 April 2019 after it halted flights due to an acute cash crunch.
Jet Airways had earlier received bids from two consortiums, one comprising Kalrock Capital and Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi’s Imperial Capital Investments Llc.
The new owner is set to face several challenges to turn around Jet Airways, which include its massive debt, pending salaries, airports and ground handlers among others.
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