A seven-member oversight committee will soon begin managing the day-to-day affairs of Jet Airways until the airline’s resolution process is completed, the airline said in a regulatory filing. The development follows bankruptcy court approval of the resolution offer jointly submitted by Murari Lal Jalan and Kalrock Capital for Jet Airways, the airline said on Saturday in a regulatory filing.
“The resolution plan submitted by the consortium of Murari Lal Jalan and Florian Fritsch (resolution requester) in the CIRP of Jet Airways (India) Limited which was approved by the members of the Company’s Creditors Committee (CoC) during their 17th meeting, has now been approved / authorized by the National Company Law Tribunal, Mumbai Bench (NCLT) on June 25, 2021, via an order dated June 22, 2021, subject to certain instructions which must be issued by an order separate, ”the file says. .
Following the approval of the NCLT, Jet’s Corporate Insolvency Resolution Process (CIRP) was terminated and Ashish Chhawchharia ceased to be the Corporate Resolution Professional, effective 25 June 2021. From now on, a monitoring group will oversee the airline.
This panel will include three representatives appointed by the Jalan-Kalrock consortium. Three of the remaining seats will be filled by members appointed by the financial creditors with the highest share in the CoC. An independent insolvency professional appointed by the financial creditors, preferably Chhawchharia, will also be part of the panel.
This committee will oversee the implementation of the resolution plan, further mentioned Jet Airways in its file. “… the terms of appointment and the attributions of the monitoring committee will be as defined in the resolution plan and the day-to-day operations and management of the company will be carried out by the monitoring committee until the closing date such as defined in the resolution plan. “
The appointment of the monitoring committee, the implementation of the resolution plan and the duties and functions of the panel will be in accordance with the terms of the resolution plan and will be subject to any instructions that may be issued by the NCLT in this regard.
On June 25, NCLT issued the written order approving the Jalan-Kalrock Consortium resolution plan and approval is subject to certain instructions. A separate order regarding directions would be issued later by the court.
While approving the resolution plan, the NCLT also made it clear that it would not give any guidance on the issue of airport slots for the airline, citing that the issue would be dealt with by the relevant government or competent authority.
On June 22, the Jalan-Kalrock consortium said it would decide on next steps after receiving the written order from NCLT and stressed that it would work with aviation authorities to see the airline regain its wings.
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