JALAN GROUP: JET TO RESTART IN 4 6 MONTHS AFTER NCLT NOD
JALAN SAYS INITIALLY JET AIRWAYS WILL RESUME FLYING WITH AROUND 25 AIRCRAFT
Jalan Kalrock Consortium, the winning bidder for Jet Airways, expects to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan.
Jet Airways, the once-storied full-service carrier was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).
Against the backdrop of the National Company Law Tribunal (NCLT) likely to take a final call on the resolution plan for the airline, the winning consortium's lead member Murari Lala Jalan told PTI that "everything is on track" as far as the revival efforts for the carrier are concerned.
Stressing that he is very positive about the Indian aviation sector, which is recovering from the impact of the coronavirus pandemic, Jalan said that initially Jet Airways will resume flying with around 25 aircraft.
"After NCLT decision, we will be able to start the airline within four to six months. I am very positive about Indian aviation and the future is bright, " Jalan said during a telephonic interaction.
"We are very hopeful that it (NCLT nod) will come," he said, adding that that a delay of one or two months here and there would not make a difference for such a big thing as reviving the airline.
In October last year, the consortium comprising UK-headquartered Kalrock Capital and Jalan, a UAEbased entrepreneur, emerged as the winning bidder for Jet Airways, which has not flown since April 17, 2019.
According to Jalan, the airline is likely to resume services with roughly 25 planes as per the revival plan submitted to the Committee of Creditors (CoC), within this year. The fleet is expected to be a mix of narrow-body and wide-body planes.