hi INDiA Copyright 2020
The decks have been cleared for India’s oldest private airline, Jet Airways, which has been laden with debt, to fly high again.
In October last year, a consortium of investors, including United Kingdom-based asset management firm Kalrock Capital and United Arab Emirates-based businessman Murari Lal Jalan, took over Mumbai-headquartered Jet Airways that has been grounded since April 2019. The airline flew long-haul routes to Europe, North America, Abu Dhabi and Hong Kong. Before its financial woes, the airline operated 600 domestic and 380 international routes.
It is possible that the airline could resume operations by the end of this year, after the National Company Law Tribunal approved a resolution plan by the Jalan Kalrock consortium on June 22. National Company Law Tribunal is a quasi-judicial body that deals with corporate disputes related to Indian companies. The consortium said that taking Jet back to the skies has been “extremely challenging yet satisfying”.
Return to skies
The new owners do not have any prior experience of operating an airline but are confident of steering Jet back to the runway soon.
“If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the summer of 2021,” the consortium said in Dec. 2020….