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Jet Airways: Jalan-Fritsch resolution proposal wins bid

Jet Airways on Saturday said that the resolution plan submitted by MurariLalJalan and Florian Fritsch has won the bid to acquire the airline.

Jet Airways

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 Oct 2020 6:12 AM GMT

NEW DELHI: Jet Airways on Saturday said that the resolution plan submitted by MurariLalJalan and Florian Fritsch has won the bid to acquire the airline.

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.

AshishChhawchharia, RP for Jet Airways, said that the committee of creditors has concluded e-voting on the final resolution plans submitted by the two shortlisted bidders.

"The e-voting concluded today, October 17, and the resolution plan submitted by MurariLalJalan and Florian Fritsch has been duly approved by the CoC...," the filing said.

"The 'Resolution Professional' is in the process of filing an application in accordance with Section 30(6) of the Code for approval of the said resolution plan by the NCLT and intimation of the same shall be given to the members as required."

The 17th meeting of Committee of Creditors (CoC) of Jet Airways was held on October 3 and the final resolution plans submitted by two resolution applicants were discussed.

It was decided that they would be put up for e-voting by the CoC members. Once a resolution plan has been approved by the CoC with requisite majority, an application will be filed by the RP for approval by the NCLT.

Apart from the Jalan-Kalrock consortium, the other bids for Jet Airways are by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi's Imperial Capital Investments LLC. (IANS)

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