Friday, January 13, 2023

India’s Jet Airways wins second chance to takeoff as UAE-based owner given 6-month grace period

UAE-based Indian businessman Murari Lal Jalan-led Jalan Kalrock Consortium (JKC) won a second chance to relaunch the grounded Indian airline Jet Airways, with India’s insolvency court giving it six more months to make payment and take effective control of the carrier.

Earlier, the National Company Law Tribunal (NCLT), which approved the consortium’s proposal to take over Jet Airways, had set November 16, 2022 as the effective date to pay dues to various creditors.

The court on Friday allowed the Jalan-Kalrock consortium another six months to pay the grounded airline’s creditors – mostly a clutch of Indian banks.

The insolvency court allowed the extension despite opposition by lender banks, led by the State Bank of India (SBI).

The consortium, which got the NCLT green signal in June 2021, was originally planning to commence operations last September.

Jet Airways in July last year also announced starting the process for hiring pilots for various aircraft types, ahead of its proposed re-launch plan.

The fleet acquisition of the airline, which reportedly received an air operator certificate from the Indian aviation regulator DGCA on May 20, is still not clear, though the new management has announced its launch plans.

“Jet Airways 2.0 aims at restarting short-haul international operations by the third-fourth quarter of 2022,” Jalan, the proposed non-executive chairman of Jet Airways, Jalan said in late 2021.

13/01/23 James Mathew/Arabian Business

To Read the News in full at Source, Click the Headline


Post a Comment