Feb. 26—UAE-based Indian businessman Murari Lal Jalan, who is part of a two-member consortium chosen to revive Jet Airways (India) Ltd by its creditors, is in an advanced stage of talks with the Uzbekistan government to start a full-service airline and also build a new airport in the central Asian country, lawyers representing the lenders and their chosen resolution professional informed the Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday.
Jalan, whose net worth stood at $138 million ( INR939 crore) as of 31 December 2019, plans to launch the airline in the June quarter in collaboration with the Uzbekistan government. The airline will have more than 25 planes comprising Boeing 737Max, Airbus330 and Boeing 787-Dreamliner aircraft, and it will primarily cater to CIS (Commonwealth of Independent States) and European Union.
The airport is likely to be developed jointly by the Uzbekistan government and Jalan at Namangan city, the lawyers informed the NCLT.
However, the signing of a binding agreement for the airport development has been delayed due to the pandemic.
The consortium comprising Jalan along with London-based Kalrock Capital is awaiting the bankruptcy court's nod to restart Jet Airways which grounded in April 2019 amid a cash crunch and large debt.
The NCLT will hear the matter next on 3 March when the civil aviation ministry and the Directorate General of Civil Aviation have been asked to update the court about slots held by Jet Airways prior to its grounding, which were later distributed among other airlines in India.
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