Jet Airways aims to start domestic operations as a full-service carrier with six narrow-body aircraft in early 2022. The Jalan Kalrock Consortium, the Successful Resolution Applicant of Jet Airways, has approached the National Company Law Tribunal (NCLT) to fast-track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways. In its latest filing before the NCLT, the Consortium has intimated December 22, 2021, as its plan ‘effective date’.
The consortium has said that it wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders of Jet Airways as per the plan approved by the NCLT in June 2021.
Elaborating further, Murari Lal Jalan, Lead Member of the Consortium and Proposed Promoter and Non-Executive Chairman of Jet Airways, said in a statement, “We are excited to embark on the next phase of revival of India’s most loved airline. We at JKC await the NCLT’s decision on our last filing and look forward to recommencing operations of Jet Airways at the earliest.” Jalan further clarified that the consortium is ready with its investments and feels it is time to fund the company immediately for revival of the business, without delay. He reiterated, “We are aiming to start Domestic Operations at the earliest in 2022 as a Full-Service Carrier and look forward to creating history with Jet Airways revival.”
Speaking on his plans of revival and fleet type of Jet Airways 2.0, Florian Fritsch of Kalrock Capital Partners and Partner of Jalan in Jet Airways clarified that both Jalan and he feel that now is the time that next steps of plan implementation be complied with as per the orders of the NCLT.
On the fleet type, Florian said that while the airline will commence operations in 2022 with six narrow body aircraft, it aims to reach 100+ aircraft fleet as a 5-year plan. Even with an aggressive expansion strategy, Jet Airways intends to be a ESG Compliant Aviation Company.
The consortium in a statement said, “We are in regular touch with the DGCA and the Ministry of Civil Aviation to have Jet’s AOC revalidated and we thank the authorities for their continued support. Jet Airways has an existing AOC valid until 2023, which was only suspended in 2019 due to the financial health of the company then, and the current process taken up is towards removing the said suspension and therefore the time required for getting the AOC revalidated will be substantially lesser in comparison to obtaining fresh AOC by a new company.”
On slots at key airports, including Delhi and Mumbai, the onsortium clarified that it is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking and is confident to get the initial slots required by to commence operations. The Consortium said, “”e have held multiple rounds of discussions with all key airports which form part of the initial network plan and are confident to get the required slots in the Summer Schedule of 2022.”
Speaking on operational details and manpower engagement, the Consortium said “Jet Airways is a brand which has grown bigger and stronger over the last two decades and people are excited to join and work for Jet Airways.
While the consortium laid out that most of the senior management positions have been filled, the company has received more than 35,000 applications across job categories and the team is shortlisting candidates as per its business requirements. The consortium plans to soon introduce the senior management team to all stakeholders.
While Jet Airways 2.0’s new corporate office is in Gurugram, the consortium is looking for a bigger office in Delhi NCR .