Jet Airways will be flying again soon! Launched in 1993, Jet Airways grew to become synonymous with premium air travel for travellers in India. After being grounded for nearly three years, Jet Airways is all set to restart its commercial operations from september 2022 under the new management as per multiple media reports.
Re-validated Air Operator Certificate received on May 20.
As per the company, Jet Airways received its revalidated Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA) on May 20. With the receipt of AOC, the Jalan Kalrock Consortium has fulfilled all the conditions precedent under their NCLT approved Resolution Plan. The revalidation of AOC enables Jet Airways to resume its scheduled commercial operations in India.
Approval of Resolution Plan by CoC:
Jet Airways' commercial operations were forced to close in April 2019 due to financial difficulties. In addition, a consortium of lenders led by the State Bank of India (SBI) filed an insolvency petition in June 2019 to recover over 8,000 crores in outstanding debts. The airline's Committee of Creditors (CoC) approved the resolution plan submitted by a consortium led by the United Kingdom's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan in October 2020.
The revived Jet Airways has taken the first baby steps of its revival with over 250 staffers, including nearly 75 percent former employees, onboard.
The Joy is coming back!
Upon receiving the AOC Sanjiv Kapoor, Chief Executive Officer, added: “The “Joy of Flying” was a tagline for Jet Airways in an earlier era. We are delighted to announce that The Joy is coming back!
“We are grateful to have received the revalidated AOC, the culmination of months of effort by a fantastic and dedicated team that never wavered in its faith and belief that Jet Airways would fly again, backed by the Jalan-Kalrock Consortium, by the Resolution Professional, and by committee of creditors who were equally determined to see Jet fly again.”
“There is a need for an airline that is simply not a clone of other airlines, but actually offers something that is meaningfully different while offering new ways to attract, delight, and win customers. An airline that understands that doing the right thing by customers, staff, partners, and all stakeholders is the only way to do business.
All of us on the re-start team are deeply committed and passionate about building the new Jet Airways into a modern, differentiated, people-focused airline for the digital age. We will combine the best of what Jet Airways was known for 25 years, with exciting new ideas to set the bar even higher.“