Jet Airways submits Florian Fritsch-Murari Lal Jalan consorts resolution plan at NCLT

Debt-laden Jet Airways has filed the resolution plan of Florian Fritsch-Murari Lal Jalan consortium before the National Company Law Tribunal, Mumbai Bench. Fritsch entered into the consortium with its financial advisory and asset management company, Karlock Capital.

In its regulatory filing, Jet Airways said, "we hereby inform your good office that 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."

After an e-voting concluded on October 17, 2020,  the resolution plan submitted by Murari Lal Jalan and Florian Fritsch was approved by the CoC under section 30(4) of the Code as the successful resolution plan.

If NCLT approved the bidders selected by the lenders, then Fritsch & Jalan will officially become the new owners of Jet Airways.

Jet Airways, which was grounded last year in April, was sent for insolvency & bankruptcy code (IBC) after it defaulted against a consortium of lenders led by the State Bank of India (SBI).

On Friday, Jet Airways ended at the lower circuit of Rs68.10 per piece down 4.95% on Sensex.