On Saturday, Jet Airways said, the e-voting concluded ie. October 17, 2020, and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC under section 30(4) of the Code as the successful resolution plan.
Karlock is a London-based global firm operating in financial advisory and alternative asset management, managing significant partners’ assets across several clearly defined and diversified strategies and single investments, with a focus on private markets. The company is mainly active in three verticals: Real Estate, Venture Capital and Special Situations, as per the website.
Meanwhile, as per various reports, Jalan is a UAE-based entrepreneur. His investments are diversified in various segments like real estate, mining, trading, construction, fast-moving consumer goods, dairy, travel & tourism and industrial works on a global front.
Jet Airways creditors committee earlier had identified two bidders for the airline's resolution. The Karlock-Jalan duo was facing the Flight Simulation Technique Centre (FSTC) consortium involving Big Charter and Imperial Capital Investments. Big Charter and FSTC are owned by the former Jet Airways pilot Sanjay Mandavia.
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).
Now the Karlock and Jalan's resolution plan will be submitted to the National Company Law Tribunal (NCLT) for the final approval. If NCLT approved the bidders selected by the lenders, then Fritsch & Jalan will officially become the new owners of Jet Airways.
On Monday, Jet Airways stock finished at the upper circuit of Rs42.15 per piece surging by 5% on Sensex.