Kalrock Partners Ltd, part of the Jalan-Kalrock consortium that owns Jet Airways, said on Monday that investigations launched by regulators in Liechtenstein, Switzerland and Austria against its promoter Florian Fritsch would have no impact on the deal between Kalrock and Jet Airways. .
Kalrock Partners said Fritsch was assisting in the investigation and “confirmed” that neither Kalrock Capital Partners nor Jet Airways had any connection to these ongoing investigations or the allegations made in them.
In June 2021, the Bombay Bench of the National Company Law Tribunal (NCLT) approved a resolution plan submitted by Kalrock Capital and UAE-based businessman Murarilal Jalan to revive Jet Airways (India) Limited, which had been defunct since April 2019.
“The ongoing investigation was initiated based on anonymous complaints filed in connection with certain businesses where Florian is personally one of the financial investors. These disputes are commercial in nature. Florian has already filed complaints with the relevant High Court regarding these disputes and complaints, which are also being investigated,” Kalrock said in a statement.
Jet Airways’ planned relaunch has faced several delays, with the airline yet to announce a date for the resumption of flight operations.
Jet Airways has emerged from bankruptcy proceedings with a change in ownership and planned to start services during the September quarter after receiving the Air Operator’s Certificate from the Directorate General of Civil Aviation on 20 May. However, clarification is still awaited from the airline regarding the aircraft pipeline and an announcement is also awaited.
While the industry is looking forward to the relaunch of Jet Airways, the airline may face several challenges with creditors as these investigations do not bode well for the upcoming airline, an analyst said.