The UAE-based businessman, Murari Lal Jahan came as a blessing for Jet Airways along with Kalrock Capital when they decide to revive the airlines. People were extremely curious about him and the entire deal that lead to the change of ownership of the airlines. Kalrock Capital applied for the resumption of Jet Airways on December 13, 2021, and has already got approval from the Ministry of Civil Aviation to start its operations. But no one know if Jet Airways will indeed fly,such is the confusion around it.
Jet Airways, once India's premier airline, entered bankruptcy proceedings in April 2019 following unsuccessful attempts to rescue the company. During the resolution process, established aviation companies withdrew their interest early, paving the way for relatively unknown entities, including Russia's Treasury RA Creator, to express interest.
In October 2020, the airline was eventually acquired by a consortium led by UAE-based businessman Murari Lal Jalan and Cayman Islands-based Kalrock Capital Partners, with much media hoopla regarding Jalan's connections to the controversial Gupta brothers in South Africa. What was astonishing was that the consortium secured the acquisition of Jet Airways despite a measly Rs 475 crore offer, a substantial difference from the Rs 24,888 crore claimed by banks, employees, and operational creditors.
However, this is just the beginning of the story.
This story is from the November 2023 edition of Cruising Heights.
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This story is from the November 2023 edition of Cruising Heights.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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