With NCLT nod for resolution plan, Jet Airways may fly again in 6 months

With NCLT nod for resolution plan, Jet Airways may fly again in 6 months

New Delhi, June 22, 2021

The now-grounded Jet Airways is likely to take to the skies again within six months from now.

On Tuesday, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation to allot the slots.

Talking to IANS, Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) President Ashish Mohanty said that, as per the order, within 90 days, the Ministry and the Directorate General Civil Aviation should consider the request for slots, so that it will help Jet Airways to be back in the skies sooner.

He added that Aircraft Operating Certificate (AOC) will have to be revived as soon as possible and clearance obtained from regulating authorities like DGCA and others. Training of pilots, engineers, crew and other licenced members are important requirements.

Further, the 12 aircraft of the airline which have been grounded for past two years need to be restored after maintenance and made operational.

"If everything goes well, we might fly by December or January," he said.

The tribunal, in its verdict on Tuesday, said that if the slot allotment is not completed within the stipulated timeline, then the tribunal may be approached for an extension in the resolution period.

Last November, the resolution professional of Jet Airways submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the NCLT. The Committee of Creditors (CoC) of the airline had approved the bid in October 2020.

The admitted debt of Jet Airways was Rs 8,000 crore.

In a statement in December, the consortium had said that it plans to fly Jet Airways by the summer of 2021, subject to certain conditions.

"The Jet 2.0 programme is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes," it had said.

As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations.

Mohanty said that the employees of the bankrupt airline are grateful to Jalan-Kalrock consortium for having faith in Jet Airways and making the investment to revive the airline.

"We, the employees again thank Ashish Chhawchharia (resolution professional) and Rajesh Prasad (Chief Strategy Officer, Jet Airways). We will give more than 100 per cent to the new owners, so that Jet Airways will get back to the skies and give the customer the joy of flying," he said.


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