India’s Jet Airways resolution plan approved by creditors

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Creditors to India’s Jet Airways have approved a resolution plan which will give the 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.

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In April 2019 Jet - 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 300 billion rupees ($4.1 billion) after the operations were halted.

Read more: India to investigate Jet Airways over alleged funds mismanagement

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