Jet Airways’ fate still uncertain as confusion prevails over winning bid
Photo Credit: Reuters

Confusion reigned over the bidding for bankrupt Jet Airways as a consortium dismissed a report quoting an executive as saying the alliance’s resolution plan had been approved by the lenders’ panel.

Moreover, resolution professional Ashish Chhawchharia told VCCircle the voting by lenders is yet to be completed. 

It all started with Igor Starha, managing partner at Kalrock Capital, telling The Economic Times that the consortium of the London-based financial advisory firm and UAE-based entrepreneur Murari Lal Jalan had been chosen as the new owner of Jet by the committee of creditors.

Then, Manoj Madnani, board member of the UK-based financial services firm, told Moneycontrol: "The consortium has not made any comment on the ongoing resolution process and/or regarding its submitted resolution plan. It fully respects the current process as the lenders are still deliberating on the matter and have not reached a conclusion yet." 

The Kalrock consortium has also intimated the resolution professional that it has not made any statement claiming to have been chosen as the successful resolution applicant, Chhawchharia said.  

Starha, later on, told VCCircle: "The consortium has not given any statement or comment to any publication house on the ongoing resolution process of Jet."

In its resolution plan, the Kalrock consortium had proposed to start the airline with 27 wide-bodied aircraft. 

Another consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai’s Big Charter and Abu Dhabi’s Imperial Capital Investments is also in the race.

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