Jet Airways was all set to launch by October 2022 but it was delayed due to the ongoing NCLT case between the lenders and new promoters, said Sanjiv Kapoor, CEO-designate, Jet Airways. 

In a series of tweets, Kapoor said the airline has seen a lot of hurdles in the past few years. Despite these hurdles, Jet managed to get an AOC, hired staff, negotiated leases, IT systems, and ops control systems.

“Staff, leases, IT systems, ops control systems, and all other required services were lined up and ready to go for a late 2022 restart. A lot of solid work by a group of wonderful people who took the leap of faith, came together, and were working together to create history,” he said. 

However, “The revival now awaits ownership transfer, and that matter is currently being heard at the NCLT. In the meantime, we will not get pulled down by critics – we celebrate what we have achieved and what we are trying to achieve, for which many of us have made personal sacrifices,” he added. 

Jalan Kalrock Capital (JKC), the successful resolution applicant for Jet Airways, and the lenders have had a stand off over the past two months due to the conditions precedents. While the JKC has said that it has met all the conditions, the lenders have said that they have not. 

The matter is now in the NCLT where the Bench has reserved the order. Sources have said that the order is expected within the next week. 

The JKC said it had received the air operator’s certificate (AOC) and the slots and demerged the ground handling company of Jet Airways whereas the lenders said JKC didn’t get slots at Mumbai and Delhi airports, didn’t receive international traffic rights, and didn’t get approval on the business plan.

Besides this, the lenders have sought an undertaking from JKC stating that it will meet all conditions in due course. The lenders have also sought financial security from JKC, which the latter says has been already given but is stuck due to technical glitches.

Along with this, the matter of the additional payment of provident fund and gratuity seems to be another reason for tussle between both the parties. The NCLAT has passed an order stating that JKC will be responsible for paying those additional monies, to which the consortium said it has stipulated a set amount, and is willing to pay through that.

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