Jet Airways’ new promoter pumps in ₹100 crore for reviving grounded airline

Jalan Kalrock Consortium, the new promoters of Jet Airways, said on Thursday it had deposited ₹100 crore in a move to revive the cash-strapped airline. The consortium which had emerged as the winning bidder for the airline under the insolvency resolution process, deposited the amount just two days after the National Company Law Appellate Tribunal (NCLAT) allowing the implementation of revival plans. “With this infusion, the JKC has now invested ₹250 crore in Jet Airways and now is only required to fund the remaining ₹100 crores in Jet Airways by September 30, 2023 to take control of the iconic airline”, the consortium said in a statement. “We thank all our stakeholders for their continued support. We are confident that this progress will lead to a successful resurgence of Jet Airways and we look forward to bringing the JOY back to our guests”, the consortium’s statement added. Jet Airways stopped flying in April 2019, and later the consortium emerged as the winning bidder under the insolvency resolution process. On July 31, the JKC had announced that the Directorate General of Civil Aviation (DGCA) had renewed the airline’s air operator certificate.

The Air Operator Certificate (AOC) was re-issued on May 20, 2022. However, since the airline did not start operations, AOC expired on May 19, 2023.

In a statement, the Jalan-Kalrock Consortium (JKC) said it has “successfully obtained renewal for AOC of Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28, 2023”.

The renewal of AOC revalidates the confidence of the Indian aviation regulator in the revival of Jet Airways, PTI quoted the JKC statement.

JKC emerged as the winning bidder for the grounded Jet Airways after an insolvency resolution process. However, the ownership transfer to JKC is yet to happen amid persisting differences between JKC and the lenders of the airline.

(With PTI inputs)