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Jet Airways to return? Jalan-Kalrock resolution wins bid to acquire airline

Jet Airways on Saturday said that the resolution plan submitted by Murari Lal Jalan and Florian Fritsch's Kalrock Capital has won the bid to acquire the airline. Murari Jalan, an UAE-based businessman, had partnered with London-based Kalrock Capital, a financial advisory and asset management company founded by European entrepreneur Florian Fritsch, for a proposal to revive operations of the cash-strapped Jet Airways, the airline which was grounded last year. The announcement was made by the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process via a regulatory filing. Ashish Chhawchharia, RP for Jet Airways, said that the committee of creditors has concluded e-voting on the final resolution plans submitted by the two shortlisted bidders. "The e-voting concluded today, October 17, and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC...," the filing said. "The `Resolution Professional` is in the process of filing an application in accordance with Section 30(6) of the Code for approval of the said resolution plan by the NCLT and intimation of the same shall be given to the members as required." The 17th meeting of Committee of Creditors (CoC) of Jet Airways was held on October 3 and the final resolution plans submitted by two resolution applicants were discussed.........Read more