Jalan Kalrock Consortium deposits another Rs 100 cr in Jet Airways under revival plan
Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Thursday said it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore.
«JKC confirms to have deposited Rs 100 crores in Jet Airways in less than 48 hours of the NCLAT allowing implementation of the revival plans,» it said in a statement.
Jet Airways has not flown since April 17, 2019.
«With this infusion, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline,” the consortium said in the statement.
The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
NCLAT grants partial relief to Jet bidder JKC on terms of payment
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However, the plan is yet to be implemented.
