Jet Airways, once the king of Indian Skies had to shut down its operation in 2019. Fierce competition, rising fuel prices, and increasing debt were some of the reasons for the going down of the airline. When it shut down, many vendors, thousands of employees were left stranded in the middle of nowhere.
And only when no one was ready to take the risk and revive the beleaguered airline, London-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan came to its rescue, the presented their resue plant NCLT. The plan was recently approved and it looks like the company will be up and running in few months.
Jet Airways will resume operations by First Quarter on 2022
Jet Airways will resume domestic operations by the first quarter of 2022, an investor consortium, whose resolution plan was approved by India’s bankruptcy court earlier this year, announced recently.
The defunct airline, Jet Airways had said in June that the National Company Law Tribunal (NCLT) approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
It should be noted that The bankruptcy court’s go-ahead came several months after Jet’s creditors had given their approval in October last year to the resolution plan submitted by the consortium.
Jet Airways 2.0 to hire 1000 employees
“Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short-haul international operations by Q3/Q4 2022,” said, Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium. He is also the proposed Non-Executive Chairman of Jet Airways said.
The company operated a fleet of more than 120 planes used to serve dozens of domestic destinations and international hubs such as Singapore, London, and Dubai. The company has already hired over 150 full-time employees. It is also looking to onboard another 1,000 employees in FY 2021-22 across categories.
This news was received with enthusiasm in the market. Shares of Jet Airways hit their upper circuit and were trading at 84.40 rupees apiece.
Comments are closed, but trackbacks and pingbacks are open.