Grounded Jet Airways to resume domestic services in Q1 FY22
Jalan Kalrock Consortium, the winning bidder for the grounded airline, says the first flight ofthe airlines would be on Delhi-Mumbai route, and it would now be headquartered in Delhi instead of Mumbai; Jet Airways shares jump 5%
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New Delhi: Jet Airways will restart domestic operations by the first quarter of 2022 and short haul international flights by the last quarter of the next year, Jalan KalrockConsortium, the winning bidder for the grounded airline, stated on Monday.
The first flight of former grounded airways would be on Delhi-Mumbai route, it mentioned, adding that the airline would now be headquartered in Delhi instead of Mumbai. The National Company Law Tribunal (NCLT) in June this year had approved the Jalan KalrockConsortium's resolution plan for Jet Airways, two years after the once-storied full-service carrier went into insolvency proceedings. Murari Lal Jalan, Lead Member of the Jalan KalrockConsortium, said: "Jet Airways 2.0 aims at restarting domestic operations by Q12022, and short haul international operations by Q3 or Q4 of 2022."
Shares of Jet Airways on Monday jumped five per cent as the company will restart domestic operations by the first quarter of 2022 and short-haul international flights by the last quarter of the next year. The stock gained 4.97 per cent to close at Rs 83.50 -- its upper circuit -- on the BSE. On the NSE, it jumped 4.98 per cent to close at Rs 84.40.
Our plan is to have over 50 aircrafts in three years and over 100 in five years, which also fits perfectly well with the short-term and long-term business plan of the Consortium, he noted. "The aircraft are being selected based on competitive long term leasing solutions. It is the first time in the history of aviation that an airline grounded for more than two years is being revived and we are looking forward to be a part of this historic journey," he said.
The Consortium's statement read that the revival plan for Jet Airways is being implemented as approved by NCLT and all the creditors will be settled according to the plan in the coming months. The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation, it mentioned.
The group is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking, according to the statement.
