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Jet, Set and Fly!

Dec 22 is the Revival Plan effective date

The Jalan-Kalrock Consortium wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders

MUMBAI, Dec 17 (The CONNECT) - Jet Airways is ready fly again.

The Jalan-Kalrock Consortium has approached the National Company Law Tribunal (NCLT) to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways.

The Consortium wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders of Jet Airways as per the plan approved by the NCLT in June 2021.

In its latest filing, the Consortium has intimated December 22 as its plan “effective date” and seeks to forthwith implement the plan as approved previously by NCLT in June 2021.

Murari Lal Jalan, Lead Member of the Consortium and Proposed Promoter and Non- Executive Chairman of Jet Airways said the NCLT decision is awaited.

The Consortium, Jalan said, is ready with its investments and given the progress the team has made operationally since NCLT Approval in June.

“We are aiming to start Domestic Operations at the earliest in 2022 as a Full-Service Carrier and look forward to creating history with Jet Airways revival,” he said.

Speaking on his plans of revival and fleet type of Jet Airways 2.0, Florian Fritsch of Kalrock Capital Partners and Partner of Jalan in Jet Airways said “I am totally aligned with Mr. Jalan and his vision for Jet Airways. I feel the people of India deserve Jet Airways to come back and our teams are working tirelessly to ensure its revival.” Florian clarified that “the decision to invest in Jet Airways has been well thought off by me and Mr. Jalan and we both feel that now is the time that next steps of plan implementation be complied with as per orders of the NCLT.”

On the fleet type, Florian said “Jet Airways will commence its operations in 2022 with 6 (six) Narrow Body Aircraft and reach 100+ Aircraft Fleet as a 5-year plan. Even with an aggressive expansion strategy, Jet Airways intends to be a ESG Compliant Aviation Company.”

On the revalidation of its existing Air Operator Certificate (AOC), the Consortium said the process of revalidation was initiated in August 2021 itself, within days of receiving the NCLT approval, and the process has now been fast-tracked. The Consortium is confident of receiving the AOC in the coming months and will start operations soon thereafter.

On slots at key airports, including Delhi and Mumbai, the Consortium it is working closely with the relevant authorities and airport coordinators on the required airport infrastructure. “We have held multiple rounds of discussions with all key airports which form part of the initial network plan and are confident to get the required slots in the Summer Schedule of 2022,” it said.

Jet Airways 2.0’s new corporate office is in Gurugram and the Consortium is looking for a bigger office in Delhi NCR to house the entire team in one office.

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