A creditors panel of Jet Airways India has approved a resolution plan for the revival of the bankrupt airline.

The plan was submitted by a consortium consisting of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

The resolution was approved following the conclusion of the e-voting on the proposal.

The approval ends the months-long process to recover dues to lenders.

Jet Airways didn’t provide any further details on the bidders or their proposal.

The carrier ceased operations on 17 April 2019. Jet Airways owes nearly Rs80bn ($1.08bn) to banks.

It was admitted for insolvency proceedings by National Company Law Tribunal (NCLT) in June last year.

Since then, the Committee of Creditors (CoC) of Jet Airways has met 16 times.

Insolvency resolution process closing deadline was extended beyond 21 August following the coronavirus pandemic.

The carrier received bids from two consortiums, one comprising Kalrock Capital and Jalan, and the other includes Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi’s Imperial Capital Investments.

The Financial Express quoted senior executive involved in the matter as saying: “The offer by Kalrock consortium was very close to liquidation value. But, we had voted to keep the company as a going concern.”

Following the completion of the negotiations with the bidders, there will be some clarity on whether the airline will fly again or not.