Jalan Kalrock Deposits Another ₹100 Crore For Jet Airways Revival

Jalan Kalrock Consortium, the winning bidder for the revival of the grounded carrier Jet Airways, has announced that it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore.

"JKC confirms that it has deposited Rs 100 crores in Jet Airways in less than 48 hours after the NCLAT allowed the implementation of the revival plans," the consortium said in a statement.

"With this infusion, JKC has now invested Rs 250 crore in Jet Airways and is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline," the consortium added in the statement.

Also Read: Jet Airways crisis: Bidder Jalan Kalrock Consortium gets 97 more days to pay dues to SBI

The consortium also expressed gratitude to all stakeholders for their support. It added, "We are confident that this progress will lead to a successful resurgence of Jet Airways, and we look forward to bringing the joy back to our guests."

Earlier this week, the three-member NCLAT bench had accepted the plea by the consortium to extend the timeline and also to adjust ₹150 crore from the performance bank guarantee (PBG) towards the payment of ₹350 crore. The consortium had also submitted an undertaking before the appellate tribunal and committed to paying ₹100 crore by August 31, 2023, and another ₹100 crore by September 30, 2023.

Remember, Jet Airways has not flown since April 17, 2019. The insolvency resolution proceedings against the carrier began in June 2019, and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the Jalan Kalrock Consortium in June 2021. However, the plan is yet to be implemented.