Jet Airways restart approved by bankruptcy court
MUMBAI: In a major step towards its resurrection, the National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan submitted by Kalrock-Jn consortium. The consortium will now apply for the relevant go nment approvals before it can recommence operations.
"The NCLT approval will be valid for 90 days from today, following which the airline will have to approach the tribunal again for an extension," said a source. "This is the first airline to get an approved to restart operations under India's Insolvency and Bankruptcy Code," the source added.
Mounting de t had forced Jet Airways to suspended its flights in April 2019. After over a year of being shut down in last October, a Jet Airways committee of creditors approved the revival plan submitted by the Kalrock-Jn consortium. The company proposed to invest Rs 600 crore to repay creditors to acquire about 90 % stake in the carrier.
With the NCLT clearance the focus now will be on Jet Airways slots. In March the ministry of civil aviation submitted before the bankruptcy court its unwillingness to hand over Jet Airways airport time slots for arrival/departure to the new entity.
Currently, the matter is under discussion by both parties. In April, the ministry of civil aviation appointed a nodal officer to amicably resolve the Jet Airways airport slots issue through meetings with the airline’s resolution applicant Kalrock-Jn consortium, said a source.
Jet Airways was a passenger friendly airline and had a great service which no airline in India could do. Hope it restarts.
India require good Airline company...AI is useless,
Is this a ray of hope for passengers who had their tickets canceled due to sudden shutdown of Jet airways and refunds still pending?As Iam one of those unfortunate passengers.
This is total fraud. Jet has not refunded money a few years back for my cancelled ticket due to non operation.
What has happened to its previous owner. Is he behind bars. What happened to money he used in airline. No answers yet.
Why did they not give chance to Mallya when he was willing to repay the de t ?
good news, one of the best airlines in entire world, should start soon for better passenger services.
Eagerly waiting for Jet Airways to start. I have flown by Jet Airways several years. It was providing good service before it was shut down.
Good Luck Jet Airways new investors.
Hope good thing for airline staff.. jobs will return..
I am happy to read this good news. Always loved Jet Airways.
Happy to learn that Jetairways is going to start. Jetairways always gave better in-flight services compared to other airlines.
All the best to Jet Airways
When Jet Airways would like to restart, a lot of things have changed. Aviation fuel cost must have risen substantially. Demand must have shrunk due to pandemic . Let us hope, things will change for the better soon.
Very positive news for solving unemployment of thousands of workers and their families, dependants.
Air india had a de t of 60,000 cr and govt paid 30,000 cr out of it .Why govt is using taxpayers money for their faults????
Jet airways still a good brand name..hope they restart early..
Dr Ahmed Khan
The more airlines there are the better it is for customers. Only request to Jet Airways is please only give job to young hot and attractive air hostesses. Men don't like to be served by older air hostesses who are mostly ugly.
Subba Iyer Mani
If the revived airline has promised to refund the tickets purchased by the passengers, the revived airline may go bankrupt. It is better to offer them some flights instead of refund in cash. Hope the consortium succeeds in reviving the erstwhile glory of Jet Airways ?? But is it the time now ??
Go nment should consider & help Jet airways to start the operation.So many people will get job & probably passengers will find a good airline.