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Jet Airways refutes reports of Jalan-Kalrock consortium winning bid; says process not over

Jet Airways insolvency: The airline stated that the committee of creditors has not yet concluded the e-voting process under Section 30 (4) of the Insolvency and Bankruptcy Code

twitter-logoBusinessToday.In | October 8, 2020 | Updated 12:50 IST
Jet Airways refutes reports of Jalan-Kalrock consortium winning bid; says process not over

Jet Airways has refuted media reports stating that the committee of creditors has chosen Kalrock Capital and Mr Murari Jalan as the successful resolution applicant. The bankrupt airline said that these reports must be disregarded.

Jet said, "It has come to our notice that certain news items claim that a consortium of Kalrock Capital and Mr Murari Lal Jalan has been chosen as the successful resolution applicant by the committee of creditors in the corporate insolvency resolution process of Jet Airways (India) Limited. This is to clarify to all market participants and stakeholders that such news items are false and misleading and must be disregarded."

The airline stated that the committee of creditors has not yet concluded the e-voting process under Section 30 (4) of the Insolvency and Bankruptcy Code. "The Resolution Professional shall make appropriate disclosures before the stock exchange after the voting process has been duly concluded," it said.

It also said that the Jalan-Kalrock consortium has denied making any such claim. "Jalan-Kalrock consortium has denied making any statement claiming it has been chosen as the successful resolution," said the statement.

Media reports started making rounds on Wednesday evening with many saying that the Kalrock Jalan consortium has been chosen in the race for Jet Airways.

So far resolution professional and lenders have not divulged much on the bidding process. Jet Airways owes banks Rs 8,000 crore and faces total claims of Rs 40,000 crore. It stopped operations in April last year due to piling debt. It was dragged to bankruptcy court in June. The deadline to complete the Jet Airways insolvency process is October 21.

Also read: Jet Airways share hits upper circuit of 5%, here's why

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