Kalrock Capital Partners on November 14 said that the ongoing investigation by regulatory agencies in Europe against its promoter Florian Fritsch will have no impact on its acquisition of Jet Airways.
The financial asset management company also said that Fritsch is assisting in investigations by regulatory agencies in Liechtenstein, Switzerland, and Austria.
The probes are based on anonymous complaints filed in relation to certain businesses where Fritsch is a financial investor in his personal capacity, Kalrock said in a statement.
"Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges made thereunder, and these investigations have no impact on the acquisition of Jet Airways, and Jalan-Kalrock Consortium remains committed towards Jet Airways," the company said.
Jet Airways had stopped operations in April 2019 after running out of cash, in October 2020 the National Company Law Tribunal approved a resolution plan submitted by a consortium of Kalrock and UAE-based businessman Murari Lal Jalan.
The plan to monetise its assets has been postponed by Jet Airways owing to a deadlock between the Jalan-Kalrock consortium and the lenders over the outline of its resolution plan.
Also Read: Jet Airways relaunch may be delayed as Jalan-Kalrock is yet to clear dues
The assets to be monetised under the plan included 11 aircraft (5 Boeing 777s, 3 Boeing 737s and 3 Airbus A330s), and aircraft engine spares.
Disagreement between the two parties have also cropped up because of the consortium not paying the first tranche of Rs 185 crore to lenders. Moreover, it has also laid claim to the lease rentals accrued from Air Serbia to which Jet had leased three Boeing 777 aircraft. Meanwhile, lenders are not agreeing to give the carrier to the consortium before they receive the payment.
Jet Airways' monitoring committee, which includes banks and representatives of Jalan-Kalrock, has deferred the plan by around 90 days.
The bids for the sale of assets were invited in August with about a dozen bidders participating in it.
The adjournment of the plan follows the National Company Law Appellate Tribunal's (NCLAT) ruling last month that Jet Airways’ new owner pay the unpaid provident fund and gratuity dues of eligible employees, amounting to around Rs 275 crore.
While banks want the consortium to pay the additional amount, the latter has stated that it is not liable to do so.
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