Jet revival plans receive a shot in arm

More than a year after it was forced to shut down its operations, the revival process of Jet Airways received a major shot in the arm with the resolution plan of a consortium – consisting of London-based asset management company Kalrock Capital and UAE-based investor Murari Lal Jalan – being approved by the Committee of Creditors (CoC) during e-voting on Saturday. In an exchange notification, the company informed that the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC as a successful resolution plan. Now, the company’s resolution professional is in the process of getting the resolution approved by the National Company Law Tribunal (NCLT). Kalrock Global is backed by Fritsch, which is an investment group founded by serial entrepreneur Florian Fritsch.