Jalan Kalrock Consortium Completes ₹1 Billion Payment, Targets Jet Airways Revival in 2024

The Jalan Kalrock Consortium (JKC) has fulfilled its payment obligations by submitting an additional INR1 billion rupees (USD12 million) as part of its bid to take over Jet Airways (JAI), marking a crucial step in the airline’s potential revival. This payment, outlined in the National Company Law Tribunal (NCLT) resolution plan, underscores JKC’s commitment to revitalizing Jet Airways.

According to a statement from the airline, “The consortium’s strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024.”

Jet Airways, once India’s largest privately owned carrier, grounded its flights in April 2019 due to financial challenges, eventually filing for insolvency. In 2020, JKC, a joint venture between Kalrock Capital Partners and Murari Lal Jalan, secured the rights to acquire the airline. However, the NCLT-approved resolution plan, including a payment of INR3.5 billion to creditors, faced delays and legal disputes between JKC and the committee of creditors.

The recent INR1 billion payment follows the consortium’s pledge to the NCLAT for the implementation of Jet Airways’ revival plans. With all financial commitments fulfilled, JKC expressed its unwavering commitment to the successful resurgence of Jet Airways.

Reports suggest that JKC executives have initiated discussions with various stakeholders in the aviation industry, including aircraft manufacturers, lessors, pilot training organizations, and airports. The consortium is actively working towards the targeted restart of Jet Airways in 2024. Speculations also hint at talks between consortium board member Ankit Jalan and Embraer CEO Francisco Gomes Neto, emphasizing the ongoing efforts to reshape the future of the iconic Indian airline.

Stay tuned for further updates as Jalan Kalrock Consortium progresses in its mission to bring Jet Airways back to the skies and contribute to the revival of India’s aviation landscape.