Grounded Airline Jet Airways Resolution Plan Approved By Creditors

Grounded Jet Airways' Resolution Plan Approved By Creditors

Jet Airways was forced to ground all flights in April 2019


Creditors to Jet Airways have approved a resolution plan which will give country’s oldest private carrier a new lease of life, the airline said in a regulatory filing on Saturday.

The resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessmen Murari Lal Jalan was approved on Saturday, the filing said, while not revealing other details of the deal.

In April 2019, Jet Airways – which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai – was forced to ground all flights, crippled by mounting losses as it attempted to compete with low-cost rivals.

Since then the airline and its lenders had been looking for suitors.

The airline’s financial and operational creditors were owed nearly Rs 30,000 crore ($4.1 billion) after the operations were halted.

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