Bankrupt carrier Jet Airways (India) Ltd. is set to resume domestic operations in the first quarter of 2022.
That's according to the Jalan-Kalrock consortium, the successful resolution applicant, the airline said in a media statement. “The process of reviving the grounded carrier is on track with the existing air operator certificate 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.”
According to newly-appointed Acting Chief Executive Sudhir Gaur, the carrier will restart operations with its first flight from New Delhi to Mumbai. The airline, he said in the statement, would now be headquartered in Delhi-National Capital Region, a shift from the earlier Mumbai base.
Murari Lal Jalan, lead member of the Jalan Kalrock Consortium and the proposed non-executive chairman of Jet Airways, said Jet Airways 2.0 aims to restart short-haul international operations by Q3/Q4 2022. “Our plan is to have 50+ aircraft in three years and 100+ in five 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.”
The carrier, according to Gaur, 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, he said, has already hired more than 150 full-time employees on its payroll and is looking to onboard another 1,000-plus employees in FY22 across categories.
The revival plan, the statement said, is being implemented as approved by the National Company Law Tribunal, and all the creditors will be settled as per the plan in the coming months.
Once, India's largest carrier by number of passengers, Jet Airways went into bankruptcy in 2019 after it failed to repay mounting debt. A consortium of 26 lenders led by State Bank of India initiated insolvency proceedings against the airline. The carrier has almost 21,000 creditors seeking claims, and has had most of its landing slots confiscated. A resolution plan submitted by the Jalan-Kalrock consortium was approved in October last year.
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