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Murari Lal will pay Rs 1,183 crore over 5 years to employees, workmen and creditors of Jet Airways

Murari Lal will pay Rs 1,183 crore over 5 years to employees, workmen and creditors of Jet Airways
Image Source - Google | Image by economictimes.indiatimes

Mumbai: The National Company Law Tribunal (NCLT) on Tuesday rejected applications filed by various parties seeking a copy of the resolution plan submitted by winning bidder Kalrock-Jalan Consortium for grounded Jet Airways.

The Mumbai bench of NCLT, chaired by Mohammed Ajmal and V Nallasenapathy, dismissed pleas by various applicants seeking a copy of the resolution plan submitted by the Kalrock-Jalan consortium for the grounded airlines.

On Monday, the tribunal had also rejected five employee unions’ applications who had appealed to see the resolution plan.

In January, the Jet Airways Aircraft Maintenance and Engineers Workers Association (JAMEWA) had applied the NCLT to expedite the grounded airline’s insolvency process.

The application had urged the tribunal to hear applications that it deems necessary to complete the Corporate Insolvency Resolution Process (CIRP), the delay of which will cost further loss to the company and thousands of workers of the airline.

In October 2020, the creditors (CoC) committee of the grounded airlines had approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan under the insolvency resolution process.

After the conclusion of the e-voting on the proposal, the plan was approved, Jet Airways Resolution Professional Ashish Chhawchharia had said in a BSE filing.

“The resolution submitted by Murali Lal Jalan and Florian Fritsch has been duly approved by the CoC under Section 30(4) of the Code (Insolvency and Bankruptcy Code) as the successful resolution plan,” said the filing.

The carrier was admitted to the NCLT in June 2019, and the CoC has met 16 times since then.

The airline, which ceased all operations in April 2019, owes more than ₹8,000 crores to banks. Public sector lenders have significant exposure.

The NCLT had, on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Bank of India against Jet Airways.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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