The Jalan Kalrock Consortium has approached the National Company Law Tribunal (NCLT) New Delhi to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways.
The new owners of the airline want to start paying all stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways as per the plan approved by the NCLT in June 2021, the consortium said in a statement issued on December 17.
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In its latest filing before the NCLT, Jalan Kalrock has intimated December 22, 2021, as its plan “effective date” and seeks to forthwith implement the plan as approved previously by NCLT in June 2021.
He explained “The Consortium is ready with its investments and given the progress the team has made operationally since NCLT Approval in June 2021, we feel it is time to fund the company immediately for the revival of the business, without delay”.
Jalan further added that “We are aiming to star t Domestic Operations at the earliest in 2022 as a full -service carrier and look forward to creating history with Jet Airways revival.”
Speaking about the Jet Airways 2.0 fleet type, Florian said “Jet Airways will commence its operations in 2022 with six Narrow Body Aircraft and reach a 100+ Aircraft Fleet as a 5- year plan. Even with an aggressive expansion strategy, Jet Airways intends to be an ESG Compliant Aviation Company.”
The Jalan Kalrock Consortium has clarified that the process of revalidation of its existing Air Operator Certificate (AOC) was initiated in August 2021 itself, within days of it receiving the NCLT nod. The process has now been fast -tracked and the consortium is confident of receiving the AOC in the coming months.
Jet Airways has an existing AOC valid until 2023, which was only suspended in 2019 due to the financial health of the company then. The current process is towards removing the said suspension and is hence expected to be substantially lesser in comparison to obtaining fresh AOC by a new company.
