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Jet Airways shares locked in 5% upper circuit on reports of Kalrock-Jalan winning bid

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Jet Airways share price was locked in 5 percent upper circuit on reports that the Kalrock-Jalan consortium has won the bid for the bankrupt Jet Airways.

Jet Airways shares locked in 5% upper circuit on reports of Kalrock-Jalan winning bid
Jet Airways share price was locked in 5 percent upper circuit on Thursday following reports that the Kalrock-Jalan consortium has won the bid for the bankrupt Jet Airways. As per the reports, the consortium had got the required percentage of votes from lenders to win the bid. The stock was locked in a 5 percent upper circuit at Rs 30.05 per share on BSE.
Jet Airways informed exchanges last week that the final resolution plans submitted by two resolution applicants were put for e-voting for approval by the creditors' committee. The two shortlisted resolution applicants include a consortium of financial advisory firm Kalrock Capital and Murari Lal Jalan, a UAE-based entrepreneur, and another consortium led by Sanjay Mandavia’s Flight Simulation Technique Centre (FSTC).
However, CNBC-TV18 reported that the London-based Kalrock Capital has contested reports suggesting it has won the bid for the bankrupt Jet Airways and said that lenders are yet to reach a conclusion on the matter.
In a statement issued today to CNBC-TV18 on behalf of the Kalrock Capital-Murari Lal Jalan consortium, Kalrock Capital said, "The Jalan Kalrock Consortium has not made any comment on the ongoing resolution process of Jet Airways and/or regarding its submitted resolution plan for Jet Airways (India) Ltd and fully respects the current process as the lenders are still deliberating on the matter and have not reached a conclusion yet."
Ashish Chhawchharia, the resolution professional for Jet Airways told CNBC-TV18, “The voting process for Jet is still underway, and will go on till October 16. No winning bidder has been declared yet.”
According to a person directly in the know, Kalrock consortium’s offer includes a total payout to all creditors of Rs 866 crore. FSTC consortium’s offer is pegged at approximately Rs 770 crore in total, and also includes equity for lenders in both the airline and JPPL, added this person.
Jet Airways is facing claims of over Rs 36,090 crore in NCLT, of which Rs 14,640 crore of claims have been admitted by the resolution professional. October 21 is the deadline for Jet Airways' insolvency process to be completed.

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