Jet Airways to resume domestic services in Q1 of 2022; int'l flights in second half
The Jalan Kalrock Consortium has agreed to invest Rs 1,375 crore in bankrupt Jet Airways. This sum includes Rs 475 crore for payments to stakeholders and financial debtors.
Jet Airways plans to restart domestic flight operations in the first quarter of 2022, according to Jalan Kalrock Consortium. The overseas flights will begin in the second quarter of next year, according to the firm.The National Company Law Tribunal recognised the consortium's resolution plan for Jet Airways on June 22. The Jalan Kalrock Consortium has agreed to invest Rs 1,375 crore in bankrupt Jet Airways. This sum includes Rs 475 crore for payments to stakeholders and financial debtors.
According to the business, the resurrection of the grounded airlines is on track, with the current Air Operator Certificate (AOC) already in the process of re-validation. It also stated that it works closely with authorities on slot allocation, needed airport infrastructure, and night parking. A specialised freighter service and hubs in smaller cities other than Delhi, Mumbai, and Bengaluru were also part of the recovery strategy.
In terms of slots, the NCLT previously said that the facts and circumstances would indicate that the slots could not be returned to Jet Airways on a historical basis at this time. It went on to say that 'bearing in mind the aim of insolvency resolution, they hope that the authorities involved, including the Government of India, would take a holistic approach.'
Since June 2019, Jet Airways, previously India's largest private carrier, has been undergoing a resolution procedure under the Insolvency and Bankruptcy Code (IBC). The airline ceased operations in April 2019.