Jalan-Kalrock infuses another ₹100 crore into Jet Airways

New Delhi: The Jalan-Kalrock consortium, the protective new owner of Jet Airways, said on Friday it has completed an additional infusion of ₹100 crore into the defunct airline and fulfilled its commitment to infuse ₹350 crore in total.  

On 28 August the National Company Appellate Tribunal (NCLAT) gave the Jalan-Kalrock consortium until 30 September to clear dues worth ₹350 crore to lenders of the grounded airline.

“With this infusion, Jalan-Kalrock consortium has now fulfilled its total financial commitment of ₹350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline. The consortium’s strategy to revive the airline remains unaltered,” the consortium said in a statement.

Jalan Kalrock said it aims to have Jet Airways up and running in 2024. “Further announcements regarding the launch date of Jet Airways will be made in the coming weeks,” it added. The consortium had infused ₹100 crore into Jet Airways last week as well.

Before its operations were suspended in April 2019, Jet Airways flew to more than 65 domestic and international destinations with a fleet of 124 narrow- and wide-body aircraft.

On 5 July, the Committee of Creditors (CoC) of Jet Airways, led by the State Bank of India, had told the Supreme Court that it might be more prudent to wind up the airline, given they had not been repaid and no funds had been infused into the debt-laden airline. Lenders have infused approximately ₹400 crore of public money into the airline, which includes settling airport dues.

On 13 January, the National Company Law Tribunal (NCLT) had allowed the transfer of the beleaguered airline to the consortium. However, the lenders to the airline opposed the transfer.

Earlier this month, Jet Airways founder Naresh Goyal was sent to judicial custody for 14 days in a ₹538 crore bank-fraud case. The Enforcement Directorate (ED) arrested Goyal on 1 September under the Prevention of Money Laundering Act (PMLA) after questioning him for hours at its office in Mumbai. Naresh Goyal, 78, is accused of siphoning funds from India by creating various trusts and using them to buy properties abroad.