Jet Airways CEO-designate Sanjiv Kapoor on Monday said the new management does not want to be "in a rush" to restart operations while asserting that the airline will be unique and different. The ownership transfer of the airline under the insolvency resolution plan is facing hurdles over differences between the winning bidder and lenders. "We don't want to be in a rush," Kapoor said.
Kalrock Capital-Murari Lal Jalan combine has emerged as the frontrunner. A consortium of Imperial Capital and FSTC is the other bidder.
In signs of increasing differences, Jet Airways' winning bidder Jalan Kalrock Consortium on Tuesday asked the airline monitoring committee's authorised representative Ashish Chhawcharia not to issue any communication on behalf of the grounded carrier without approval of all the members of the committee. Amid the continuing uncertainty over the fate of Jet Airways, which shuttered operations in April 2019, the consortium on Tuesday wrote a letter to Chhawcharia. The latest development comes more than a week after Chhawchharia reportedly shot off a letter to Sanjiv Kapoor, asking him to refrain from using the title of CEO as he was only a CEO-designate.
The National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of bankrupt-Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The latest rulings have come on two petitions filed by the consortium. One plea pertained to approval of transfer of ownership and the second one related to extension of time for the payment of dues to the creditors. Earlier, the tribunal had given time till November 16, 2022 for the consortium to make the payments to the creditors of the airline.
The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.
Jet Airways, which is preparing to relaunch operations next year, on Friday said it is in "advanced discussions" with Boeing and Airbus for buying and leasing planes. The grounded airline has been acquired by Murarilal Jalan-Kalrock Capital consortium under the insolvency resolution process. The ongoing discussions are part of the grounded airline's revival plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT), the airline said in a regulatory filing on Friday.
All India Jet Airways' Officers and Staff Association on Thursday said it has filed an appeal before the NCLAT against Jalan-Kalrock consortium's resolution plan for the airline. In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai bench of the National Company Law Tribunal (NCLT).
Jet Airways will be able to take to the skies once again, after aviation regulator DGCA on Friday granted it a revalidated air operator certificate, allowing the airline to resume commercial flight operations.
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share portions of the resolution plan pertaining to claims of employees with the airline's workmen. The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction has come on a plea filed by the association. The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock consortium's resolution plan in June 2021.
Sources said the process has taken time because of a delay in leasing of aircraft. As per the original plan the aircraft were to be leased through GIFT City, Gujarat, but this is proving costlier than doing it offshore.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by an employee association of debt-ridden Jet Airways, challenging the sale of two floors of office space in Mumbai's business district of Bandra Kurla during the insolvency process of the grounded carrier. Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA had challenged the orders passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 11, 2021, allowing the sale of the office space for Rs 490 crore. The association had contended that the sale of BKC property, was not permissible under the Insolvency & Bankruptcy Code (IBC) as a moratorium was declared over the assets of the company after an order dated June 20, 2019.
The pilot-turned-airline owner and his partner Biraja Jena plan to launch FlyBig, which has secured 16 routes under the fourth phase of UDAN, the government's regional connectivity programme.
Public sector lender Punjab National Bank (PNB) has moved the Insolvency appellate tribunal NCLAT against the approval of bids for defunct airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) bench has issued a notice over the PNB's petition along with its interim plea seeking a stay over the execution of the resolution plan. A three-member bench has directed the Resolution Professional of Jet Airways along with other parties including the Committee of Creditors to file a reply within two weeks and rejoinder, if by PNB, within one week.
A committee of creditors had, in October, approved of the resolution plan submitted by UAE businessman Murari Lal Jalan and Kalrock Capital.
A consortium - comprising Imperial Capital, Flight Simulation Technique Centre, and Big Charter - have placed a bid for Jet, while the other consortium is led by Kalorck Capital.
The consortium of UAE-based businessman Murari Lal Jalan and UK-based private equity fund Kalrock Capital is rushing to restart Jet Airways' operations, even though differences have emerged over who will fund expenses before operations commence, sources said. The airline applied to the Directorate General of Civil Aviation (DGCA) for recertification of its air operator certificate in the last week of January. The regulator is likely to inspect the airline's preparedness to operate a flight in the middle of this month, after which it will be asked to operate a proving flight to demonstrate its ability to conduct flights safely and in accordance with rules.
His vision for Jet Airways is to operate the carrier as a full-service airline, both domestic and international.
'The government has assured us support.' 'The civil aviation ministry have told us that whatever we need, we will get prime airport slots and bilateral rights.'
The Kalrock-Jalan consortium - new owners of Jet Airways - has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available. However, whether those slots will be according to the airline's demand will depend on the order of the insolvency court, which is slated to come next week. Sources said the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.
If the Murari Lal Jalan-Kalrock Capital combine can script a turnaround, it will have pulled off a bigger coup than Ajay Singh did with SpiceJet in 2014.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
The consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital -- which has won the bid to revive Jet Airways -- on Monday said it expects to start operating the airline by the summer of 2021.
According to the resolution plan, the airline is planning to start with six to seven aircraft on domestic routes and looking to restart international service within six months of resuming operations.
Jet's staff strength stands whittled down to around 4,000, with many former employees having joined airlines in India and abroad.
Among executives who have been approached are former president and CEO of IndiGo Aditya Ghosh, Wolfgang Prock Schauer, current president and Chief Operating Officer at IndiGo and Sanjay Kumar, Chief Strategy and Revenue Officer of IndiGo.
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
After 18 months of closure, what really could be salvaged? And the answer sadly is, precious little, Patience, perseverance and plenty of moolah is the way forward even assuming intent is in place, says Anjuli Bhargava.
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