The resolution professional of Jet Airways has submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the National Company Law Tribunal (NCLT). Once the Mumbai-bench of the tribunal gives the go-ahead, the winning consortium of Jalan and Florian Fritsch can pump in funds required to revive the airline.

"The resolution professional of Jet has duly filed the resolution plan as approved by the CoC with the Hon'ble National Company Law Tribunal, Mumbai Bench on November 5, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing.

Kalrock Capital is a US-based financial advisory firm that mainly works in the real estate, venture capital and special situations space, while Murari Lal Jalan is an entrepreneur with investments in the United Arab Emirates, India, Russia and Uzbekistan among others. Both entities have no prior experience in aviation.

As per an ET Now report, the plan submitted by the consortium includes an upfront payment of Rs 380 crore to finance creditors and then a payment of Rs 590 crore in the third, fourth and fifth year of operations, once commenced. Financial creditors will also reportedly get 10% free cash flows and a 9.5% stake in Jet, and a 7.5% stake in Jet Privilege.

According to the resolution plan, the consortium reportedly plans to commence operations with six aircraft domestically, then adding one aircraft each month, and plans to expand the fleet to 120 aircraft in 5 years.

Manoj Madnani, board member of Kalrock Capital told TNM in an earlier interaction that the consortium is planning to have domestic and international operations along with a strong focus on cargo.

Last month Jet's Committee of Creditors (CoC) had approved the Rs 1,000 bid by Jalan and Fritsch.

Creditors of the airline have claimed dues to the tune of Rs 25,000 crore, of which the admitted debt of Jet Airways was Rs 8,000 crore to financial creditors.

It is expected that the airline will fly again in around four to six months after the new owners take over the airline.

A total of 12 aircraft of the airline which have been grounded for the past 18 months need to be restored after maintenance and made operational.

Also read: Can Jet Airways take off again?