We have been hearing about that Jet Airways is starting its operations shortly from quite a long time, but that thing will take more time as we Dig deep into the current scenario of the airline.
Today we have two important news to share with our readers, one is Good and other is not that Bad but will delay the operations of Jet. So, at first, we will see what good we have on our plate.
Jet Airways added 3 New aircraft in its Fleet
The airline has earlier leased 1 Airbus A320 neo which was belonging to S7 Airlines- Serbian -Russian airline headquartered at Moscow. Now they have leased 3 additional Airbus A320neos belonging to S7 Airlines.
The 1st A320neo had the manufacture’s Serial Number-MSN 10546. The aircraft earlier parked at Tallinn, Estonia is being back to storage to Francazal Airport in Toulouse, France.
The Newly Added airbus 320neos are having MSN- 10806, MSN 11201, and MSN 11261. The VT- registration are not yet provided to all 4 newly added aircraft.
Currently, Jet Airways has 13 aircraft in its fleet if we add 4 newly added A320neos. They have 3 B737-800 Each parked at Hyderabad, Mumbai and Delhi. while 1 B737-900 is parked at Delhi. They also have 5 B777-300ER out of that 3 parked at Mumbai and 2 at Delhi Airport.
So, it’s clear that Jalan Kalrock Consortium (JKC) is working really hard to revive the Glorious Jet Airways. They have been Hiring since last 6 months and have many vacancies added on their website.
NCLT case: Lenders wants to dismiss JKC Resolution
On 29th November, Tuesday, the Mumbai benched National Company Law Tribunal (NCLT) adjourned the matter between Lenders led by SBI Bank and Jalan-Kalrock Consortium (JKC) to 6th December. This came after both parties asked for more time to file their response.
JKC who won the Bid to successfully revive the Jet Airways had filed the interim application before NCLT Board seeking implementation of the resolution plan submitted by them in an attempt to transfer ownership of the airline to them.
On 22 June 2021, the NCLT Board in its order had approved the resolution plan submitted by the JKC subject to necessary approvals. The Consortium involves Dubai-UAE Based NRI Murari Lal Jalan and investment holding enterprise Kalrock Capital Partners Ltd, Cayman.
However, the NCLT has to hear both parties’ drafts and reports which is delaying the resolution process. Lenders are seeking
According to CNBCTV18 report,
Acc to the lenders, Jet Airways stakeholders would face “grave harm and prejudice” if the relief sought by JK Consortium is granted. They have also said that Consortium’s claim is an “attempt to cover up” its inability to perform certain actions to fulfil conditions precedent (CP).Source: CnbcTv18
Jet Airways’ lenders have alleged that Consortium has filed an application to mislead the NCLT court on fulfilling conditions as well as seek to take control of airline and “avoid its obligations” under the approved resolution plan.Source: CnbcTv18
Overall, to summaries the Lenders are not happy with the way JKC is reviving the airline and are seeking Legal advice from SGI Tushar Mehta who observed that compliance of the CPs by JKC was doubtful.
Jet Airways CEO has also tweeted about the revival of airline,
Indeed, reviving a bankrupt airline is not easy, but, if successful, can create a lot of value for ALL stakeholders. What amazes me is some people here don’t seem to know the difference between those that drove it to bankruptcy, and those trying to revive it!Sanjiv Kapoor, Chief Executive Officer of Jet Airways
The Jet suspended operation in April 17,2019 due to financial problems and Senior management dissatisfaction has been undergoing a revival process under the Insolvency & Bankruptcy Code (IBC) for almost two years.
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