Big win for Jalan-Kalrock in the race to revive Jet Airways

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Editor's note: It’s 7.30 am UK time. Ankit Jalan is about to take a flight out of Dublin, after attending the Airline Economics conference that had the world’s largest aircraft manufacturers, leasing companies and financiers in attendance. He is a nephew of Murari Lal Jalan—who is one half of the Jalan-Kalrock consortium, the successful resolution applicant in the Jet Airways bankruptcy proceedings—and was in the Ireland capital to help kick-start the revival of the grounded airline.  Just a week ago, the consortium got a fresh boost. In an order on 13 January, the Mumbai bench of the National Company Law Tribunal allowed JKC to assume ownership of Jet Airways. Not just that. The tribunal shot down nearly every argument put forward by Jet Airways’s lenders, who over the past few months had contended that the consortium hadn’t fulfilled conditions precedent to the transfer of ownership. The lenders, led by the State Bank of India, had also questioned the viability of JKC’s resolution plan, leading to murmurs that they now preferred the airline’s liquidation.  The NCLT’s order has handed the consortium a “breakthrough”, …