Jet Airways is ready to commence domestic operations with six narrow body aircraft in 2022, according to the Jalan Kalrock consortium.
The airline plans to have a fleet of 100 plus aircraft as part of its 5-year plan.
In its latest filing before the National Company Law Tribunal (NCLT), the consortium 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.
Commence payments
The Jalan Kalrock consortium has approached the NCLT to fast track implementation of the Approved Resolution Plan by infusing capital in Jet Airways.
The consortium wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders of Jet Airways as per the plan approved by the NCLT in June 2021.
Also see: Jet Airways employees entitled to gratuity: Regional labour commissioner
Elaborating further, Murari Lal Jalan, Lead Member of the consortium and Proposed Promoter and Non-Executive Chairman of Jet Airways, said that the consortium awaits the NCLT’s decision on its last filing.
Jalan further clarified that “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 revival of the business without delay.”
He reiterated that the consortium aims at starting domestic operations at the earliest in 2022 as a Full-Service Carrier and looks forward to creating history with Jet Airways revival.
BusinessLine had reported that the consortium was planning to utilise its funds earlier than it had decided. In fact, it planned to infuse more funds into the revival process of Jet Airways.
AOC revalidation
On the revalidation of its existing air operator certificate (AOC), the consortium clarified that the process of revalidation was initiated in August 2021 itself, within days of receiving the NCLT approval, and the process has now been fast-tracked.
The consortium said “Jet Airways has an existing AOC valid until 2023, which was only suspended in 2019 due to the financial health of the company then, and the current process taken up is towards removing the said suspension and therefore the time required for getting the AOC revalidated will be substantially lesser in comparison to obtaining fresh AOC by a new company.”
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Speaking on operational details and manpower engagement, the consortium said “Jet Airways is a brand which has grown bigger and stronger over the last two decades . The company has received more than 35,000 applications across job categories and the team is shortlisting candidates as per its business requirements.”
Revival plans
Speaking on his plans for revival and fleet type of Jet Airways 2.0, Florian Fritsch of Kalrock Capital Partners observed that he is totally aligned with Jalan and his vision for Jet Airways.
“I feel the people of India deserve to have Jet Airways back and our teams are working tirelessly to ensure its revival,” he said
On the fleet type, Florian said “Jet Airways will commence its operations in 2022 with 6 narrow body aircraft and reach 100+ Aircraft Fleet as a 5-year plan. Even with an aggressive expansion strategy, Jet Airways intends to be a ESG Compliant Aviation Company.”
On slots at key airports, including Delhi and Mumbai, the consortium clarified that it is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure and night parking.
The consortium said, “We have held multiple rounds of discussions with all key airports which form part of the initial network plan and are confident to get the required slots in the Summer Schedule of 2022.”
Corporate team
Jet Airways 2.0’s new corporate office is in Gurugram and the consortium is looking for a bigger office in Delhi NCR to house the entire team in one office.
Also see: Alphonso Dass set to join Jet Airways as head of operations
On senior management hirings, the consortium said that most of the senior management positions as per their approved organisation structure have been filled and the consortium will introduce the entire Senior Management Team to all stakeholders soon.
The consortium is ready with the required capital and has applied to the NCLT for the necessary approvals to start capital infusion in Jet Airways for further implementation of the plan approved by NCLT in June 2021.
Florian said that he also plans to explore other business opportunities in the Indo-Pacific Region and in Eastern Europe, together with Jalan.