Has this London and UAE based consortium won bidding for bankrupt Jet Airways?

Source :Sify
Author :Finance Desk
Last Updated: Fri, Oct 9th, 2020, 10:58:17hrs
Jet Airways

New Delhi: A consortium of a UAE and London based organization was speculated as having won the bidding for bankrupt Jet Airways.

On Thursday, the resolution professional at Jet Airways brought an end to these rumours by clearly stating that the Kalrock Capital-Murari Lal Jalan consortium did not win any bids for the airline.

In a filing report, Ashish Chhawchharia, RP for Jet Airways is quoted as saying - the committee of creditors has not concluded e-voting on the final resolution plans submitted by the two shortlisted bidders.

Furthermore, the RP also clarified that Kalrock-Jalan consortium did not make public statements related to the resolution.

Apparently, the 17th Committee of Creditors' meeting of Jet Airways was held on October 3 and final resolution plans submitted by two resolution applicants were discussed. An e-voting process was approved the 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.

Jalan is a UAE-based entrepreneur, and owner of MJ Developers. The group has interests in sectors such as real estate, mining, trading, construction, FMCG, travel and tourism and industrial works globally. It has investments in the UAE, India, Russia and Uzbekistan, among other places.

London-based Kalrock is a global firm operating in financial advisory and alternative asset management, managing significant partners' assets across a number of clearly defined and diversified strategies and single investments, with focus on private markets.

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.