This statement by the consortium comes weeks after PNB has moved the NCLAT alleging gross irregularities in the conduct of the Resolution Professional.
Jet Airways is all set to resume domestic operations in Q1 2022, according to the Jalan Kalrock Consortium, the successful resolution applicant of the airline.
“The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation. The Consortium is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking. Senior Members of the Jalan Kalrock Consortium along with Jet 2.0 Operations Team led by the newly appointed Capt. Sudhir Gaur, Accountable Manager, and acting CEO visited key airports last month and held productive meetings with them,” the consortium said in a statement.
Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium and the proposed Non-Executive Chairman of Jet Airways said “We received the NCLT approval in June 2021, and since then we have been working closely with all concerned authorities to get the airline back in the skies. Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022.”
He added, “Our plan is to have 50+ aircraft in 3 years and 100+ in 5 years which also fits perfectly well with the short-term and long-term business plan of the Consortium. The aircraft are being selected based on competitive long term leasing solutions. It is the first time in the history of Aviation that an airline grounded for more than 2 years is being revived and we are looking forward to being a part of this historic journey.”
This statement by the consortium comes weeks after Punjab National Bank (PNB) has moved the NCLAT (National Company Law Appellate Tribunal) alleging gross irregularities in the conduct of the Resolution Professional (RP). Agreeing to hear PNB’s plea, the NCLAT has issued notice to the successful resolution applicant, Jet Airways’ Administrator and the lenders. The case is scheduled for September 21.
Additionally, Jet Airways employees moved the appellate tribunal and sought quashing of NCLT’s approval for Kalrock-Jalan resolution plan over unpaid salary and almost relief for them in the approved resolution plan. NCLAT on October 8 will hear an appeal filed by employees against the revival plan. According to experts, these legal hurdles are expected to delay the revival of Jet Airways.
The Consortium said that the revival plan for Jet Airways is being implemented as approved by NCLT and all the creditors will be settled as per the plan in the coming months.
Acting CEO of Jet Airways, Capt. Gaur said “In its new avatar, Jet Airways will now be headquartered in Delhi NCR with its senior management working from the Corporate Office at Gurugram. However, Jet Airways will continue to have strong and significant presence in Mumbai where it will work from its ‘Global One’ office in Kurla.”
He added, “We will start with domestic operations on an all narrow-body aircraft fleet leased from major global aircraft lessors who have approached us, and with whom we continue to engage. Jet Airways has already hired 150+ full time employees on its payroll and we are looking to onboard another 1,000+ employees FY 2021-22 across categories. The hiring will be in a phased manner and will be strictly on merit, to meet the operational requirements of the airline. The team at Jet Airways is committed to ensure that Jet Airways will restart its operations with its first flight from New Delhi to Mumbai by Q1 2022.”
Jet Airways ceased operations in April 2019 due to lack of funds and insolvency proceedings against it began in June. After many rounds of bidding, the consortium of Kalrock Capital and Murari Lal Jalan’s was selected as the successful bidder for the airline by its lenders in October 2020.
