Creditors to Jet Airways have approved a resolution plan which will give the country's oldest private carrier a new lease of life, the airline said in a regulatory filing on Saturday.
". the final resolution plans submitted by the two resolution applicants (RA) were discussed and deliberated by the CoC members, and after due consideration, the resolution plans were put to e-voting for approval by the CoC members in co-ordance with Section 30 (4) of the Insolvency Bankruptcy Code (IBC), read with Section 30 (3) (c) of the Corporate Insolvency Resolution Process (CIRP) regulations", the resolution professional Ashish Chhawchharia said in a regulatory note posted on the Bombay Stock Exchange website. Jet Airways' fleet has shrunk by nearly 90 percent as the cash-strapped airline struggles to find funds to operate, forcing the nation's oldest surviving private airline to drastically curtail its scheduled flights amid a hunt for a new investor.
The other bid was submitted by the consortium consisting of Haryana-based Flight Simulation Technique Centre, Big Charter of Mumbai and Abu Dhabi's Imperial Capital Investments LLC.
On Friday, the airline had extended the deadline for voting as only half the lenders had submitted their votes and the remaining had sought time till Saturday evening to submit their votes.
The airline made a decision to shut down its operations as the consortium of lenders refused to consider extending Rs 400 crore emergency funding to keep the airline flying. Etihad invested $379 million in Jet Airways back in 2013 at a price of Rs 754.74 per share.
Meanwhile, the amount claimed by creditors of Jet Airways crossed Rs 40,000 crore.
The airline is facing claims over Rs 36,090 crore in NCLT, out of which, claims worth Rs 14,640 crore have been admitted by resolution professional Chhawchharia.
Financial creditors such as SBI, Yes Bank, and others have claimed Rs 11,344 crore but only Rs 7,459. Jet's financial and operational creditors were owed almost 300 billion rupees after the operations were halted.
UK-based Kalrock group - a global firm operating in financial advisory and alternative asset management - is backed by Fritsch, an investment group founded by serial entrepreneur Florian Fritsch, who has partnered some of the most influential families and organisations.
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