Why the Jet Airways rescue has failed to take off

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₹1,375 crore, including ₹475 crore to settle dues and ₹900 crore for capital expenditure and working capital. The plan also envisaged JKC first infusing ₹350 crore (it was decided that ₹350 crore of the ₹475 crore would be a mandatory infusion for the transfer process to start) into the airline, which got delayed due to several reasons, including litigation. In August, the company law appeals court asked JKC to pay the amount by 30 September and permitted an adjustment of ₹150 crore from an existing performance bank guarantee.

The consortium made the full payment of ₹200 crore within the stipulated period in two instalments. The JKC executive cited above said about ₹120 crore of the ₹200 crore came from Kalrock Capital through a UAE-based special purpose vehicle (SPV) that was formed for this investment and is already approved in the plan. “Also, this SPV in the UAE is security cleared by the ministries of home and civil aviation.

So, they have security cleared this entity," he added. “Of the balance of ₹80 crore, ₹47 crore has come from Murari Lal Jalan’s personal account. So, there are no questions on that since he is also security cleared and approved in the plan on that.

There is a balance of ₹13 crore, which has come from a company in India. That company is owned 100% by Murari Lal Jalan," he said. Legal experts said sourcing of funds is addressed early on in the resolution process.