Kalrock says investigation against investor won’t impact Jet Airways deal


Kalrock Partners Ltd, part of Jalan-Kalrock consortium, which owns Jet Airways, said on Monday that its promoter Florian Fritsch, is assisting in certain investigations initiated by regulatory agencies in Liechtenstein, Switzerland, and Austria. Fritsch “confirmed” that neither Kalrock Capital Partners nor Jet Airways has connection with these ongoing investigations, or the charges made thereunder, the company added.

In June 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by Kalrock Capital and UAE-based entrepreneur Murarilal Jalan for the revival of Jet Airways (India) Limited, which was grounded since April 2019.

“The investigation, which is ongoing, has been initiated based on anonymous complaints filed in relation to certain businesses where Florian is one of the financial investors in his personal capacity. The disputes are commercial in nature. Florian has already filed complaints with the concerned High Court regarding these disputes and complaints, which are also being investigated,” Kalrock said in a statement.

The planned relaunch of Jet Airways has faced several delays, with the airline yet to announce a date for restarting flight operations.

Jet Airways emerged from bankruptcy proceedings with a change of ownership and planned to launch services during the September quarter after receiving the air operator certificate from the Directorate General of Civil Aviation on 20 May. However, clarity is still awaited from the airline on the aircraft pipeline, and an announcement is awaited on the same.

While the industry is looking forward to the relaunch of Jet Airways, the airline can face several challenges with lenders as these investigations do not bode well for an upcoming airline, an analyst said.

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