The consortium of Kalrock Capital and UAE-based investor Murari Lal Jalan has pledged to inject a total of INR9.6 billion rupees (USD130 million) into Jet Airways (JAI, Mumbai Int'l) over the next five years as its resolution plan for the dormant carrier, The Economic Times has reported.

The investors submitted their proposal for approval to the National Company Law Tribunal, following the nod from creditors on November 5, according to a stock exchange filing. The court's approval is the final step in the long and winding process of securing new investors for the carrier, which has been dormant since April 2019.

Under the plan, the consortium will inject INR3.8 billion (USD51 million) over the first two years followed by a further INR5.8 billion (USD78 million) in the ensuing three years.

The plan also foresees a 90% haircut on all of the carrier's debts which creditors have already consented to. In return, the creditors will receive a 9.5% stake in the airline and a 7.5% stake in its valuable frequent flyer programme.

The creditors forfeited any hope of recovering the full amount of debts owed by Jet in anticipation of the airline's successful restart and profitability in the future.

The NCLT has yet to set a date for the restructuring plan's final hearing. The investors said they would try to implement it as soon as it is cleared by the court but did not give any estimate as to when Jet Airways could relaunch.