Jalan-Fritch wins proposed bid to acquire Jet Airways | Jalan-Fritch wins proposed bid to acquire Jet Airways

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New Delhi, October 17 (IANS). Faced with a prolonged financial crisis, the planes of the bankrupt private airline Jet Airways will once again fly. Jet Airways said on Saturday that the resolution plan submitted by Murari Lal Jalan and Florian Fritch won the bid to acquire the airline.

The announcement has been made by the Resolution Professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process through a regulatory filing.

Jet Airways RP Ashish Chavachharia said the creditors’ committee has concluded e-voting on the final proposal plans submitted by the two shortlisted bidders.

This information (regulatory filing) has been told to the stock exchange, e-voting is completed today i.e. on 17 October 2020 and the resolution plan submitted by Murari Lal Jalan and Florian Fritch has been duly approved.

It said, the resolution professionals are now filing applications under code 30 (6) as per NCLT. It will also be given to members if needed.

The 17th meeting of the Jet Airways Committee of Creditors (COC) was held on October 3 and the final proposal plans submitted by the two resolution applicants were discussed.

Apart from the Colorac Capital-led consortium to buy Jet Airways, the consortium comprising Haryana’s Flight Simulation Technic Center and Abu Dhabi’s Imperial Capital Investment LLC also bid.

Murari Lal Jalan is an Entrepreneur of the United Arab Emirates (UAE). Jalan MJ Developers is the owner of the company. He is interested in sectors such as real estate, mining, trading, construction, FMCG, travel and tourism and industrial works.

Jalan has invested in several countries including UAE, India, Russia and Uzbekistan.

Kalrock Capital operates in London’s Financial Advisory and Alternative Asset Management. The company is primarily associated with real estate and venture capital.

AKK / SGK

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