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Dubai-based tycoon Murari Lal Jalan to revive Jet Airways

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Creditors on Saturday backed a surprise plan by a consortium to revive Jet Airways 18 months after India’s biggest private airline went bankrupt with $1.2 billion in debt.

London investment fund Kalrock Capital and Dubai-based tycoon Murari Lal Jalan proposed the rescue that was “duly approved” by a creditors’ committee, Jet said in a statement to the Bombay Stock Exchange.

The statement did not give details of the plan but media reports said they had offered to make a payment of about $115 million to creditors and equity in the new firm which they wanted to concentrate on international routes.

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