Jet Airways likely to submit revival plan this week

Mumbai: Jet Airways is likely to submit its revival plan this week, ET Now reported citing sources on Monday.

The debt-laden airline may sell current A330 and B737 aircrafts and forward payment to creditors, and is likely to propose an upfront payment of Rs 487 crore in the initial stage, the report added.

The stock hit its daily upper limit and was up 4.99 per cent at Rs 53.70, while benchmark Sensex traded 1.55 per cent lower at 40,053.19 points.

Last week, AFP reported that creditors backed a surprise plan by a consortium to revive Jet Airways 18 months after India's biggest private airline went bankrupt with $1.2 billion in debt.

London investment fund Kalrock Capital and Dubai-based tycoon Murari Lal Jalan proposed the rescue that was duly approved by a creditors' committee, Jet told informed BSE last week.

Earlier last week, Jet Airways’ Resolution Professional Ashish Chhawchharia told ET Now that the company has to do find a resolution or a settlement for the creditors which were there before the company shut down and then new capital needs to be introduced for the revival of the company.

“The business plan that has been submitted by the Jalan Kalrock consortium have provided for both these aspects and the lenders in their commercial wisdom have now approved the plan,” he had said.

“After a few more formalities, we should be able to get these airlines back in the skies soon,” he added.