Saturday, November 27, 2021
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Jet Airways To Fly Again

New hope for Jet Airways to fly again. The Airline was shut down due to the financial crisis.

London based Kalrock Capital and UAE-based Businessman Murari Lal Jalan comes up with resolution plans. They had successful talks with the regulatory authority of the airlines that had ceased operations in April last year.

A committee of creditors had approved the new resolution plan. After giving four chances, the Consortium submitted a successful resolution plan.

The National Company Law Tribunal needs to approve it for further actions.

It is learned that the association will send a letter to the Union Ministry of Civil Aviation in a few weeks. This will find out the real status of the airline in-service slots. The government had given the slots to other airlines to avoid any inconvenience to passengers following the shutdown of Jet Airways.

The confusions still persist in availing these slots for Jet Airways. As per the news, the consortium aims to turn Jet Airways into an old-fashioned international airline under the new plan with a lot of investments.

Financial Creditors of the airline will also get a 10 percent stake in the company, the source said. Signs are that the sale of old aircraft and the purchase of new ones will also be considered.

24% of Jet’s debt owes to the State Bank of India as per records. SBI has supported the new resolution we learn. Moreover, India’s Yes Bank and the Punjab National Bank also supported the new plan.

Compiled by – SV (Copy Desk)

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in addition to that, the consortium will send a letter to the Union Ministry of Civil Aviation in a few weeks. This will find out the real status of the airline in-service slots. The government had given the slots to other airlines to avoid any inconvenience to passengers following the shutdown of Jet Airways New hope for Jet Airways to fly again.

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