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Kalrock-Jalan plan: Jet creditors to get ₹1,183 crore over five years

NCLT to consider the consortium’s offer tomorrow Lenders to Jet Airways will recover ₹1,183 crore over a five-year period, according to the debt resolution plan submitted by the Kalrock-Jalan combine. Of this, the first tranche, in cash, will be of ₹280 crore after 180 days of the new promoters taking ownership of the beleaguered airline. And, a second cash tranche of ₹195 crore will follow in 730 days. The balance will be paid through a mix of cash, asset sale and from the cash flows generated by the airline every year. In effect, the new owners will acquire controlling stake in Jet for a cash consideration ₹475 crore.

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