Jet Airways is expected to fly again by the end of the calendar year. It will initially operate on 20 routes, with 20 narrow-body aircraft and 5 wide-bodied aircraft, news reports suggested.
In what could be good news for the aviation industry, after a two-year hiatus, Jet Airways is all set to be back after the Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan submitted by a consortium led by Dubai-based entrepreneur Murari Lal Jalan and Kalrock Capital.
Alloting and finalizing the slots on both domestic and international routes are yet to be done by the Directorate General of Civil Aviation (DGCA). News reports suggest historic rights over landing slots won’t be available to Jet Airways but a request is being made to the government to see that the plan doesn’t get delayed or affected because of this.
Some exclusive details on NDTV:
1. Jet Airways to fly again by the end of the calendar year.
2. To operate with 20 narrow body aircraft.
3. Routes being negotiated, will be decided in 90 days.
4. Lack of availability of all old routes immediately is NOT a show stopper. MORE— Vishnu Som (@VishnuNDTV) June 22, 2021
Jet Airways had about 700 time slots, allowing it to land and depart from congested airports such as Mumbai and Delhi. After the suspension of operations in April 2019, Jet Airways’s slots were allocated to other airlines.
The consortium of Murari Lal Jalan-Kalrock Capital has been given 90 days to approach the DGCA on the issue of allocation of slots, after which they’ll have to approach the NCLT for further directions.
Ashish Chhawchharia, Partner – Advisory, Head – Restructuring Services, Grant Thornton Advisory appointed by the Kalrock-Jalan consortium said Jet Airways will fly again by the end of the calendar year. It will initially operate on 20 routes, with 20 narrow-body aircraft and 5 wide-bodied aircraft, reported NDTV
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The initial routes will primarily be domestic, but a handful may be international as the airline retains a very strong brand value.
Jet Airways will re-employ those who have remained loyal to the airline and hire more personnel as the airline expands.
Jet Airways has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for the last two years.
The airline was forced to shut shop after losses mounted up and money owed to banks, significantly public sector amounts to around Rs 8,000 crore.
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