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MUMBAI: Two years ago, in the small hours on this very day, Jet Airways flight from Amritsar had landed in Mumbai airport, the last flight before the 25-year old airline suspended operations leaving over 22,000 employees, including about 15,500 permanent staff jobless. Today, 3681 continue to remain on Jet Airway’s pay roll. They don’t draw salaries. They stayed back for different reasons, one of them being hope, that the airline will revive one day, that is.
Exactly six months ago, on October 17 last year, that hope shined bright when Jet’s committee of creditors approved the revival plan submitted by a consortium of UK-headquartered Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan. The consortium proposed to invest Rs 600 crore to repay creditors and acquire about 90 % stake in the carrier. Till February, the mood was upbeat, the airline would begin operations in 4 to 6 months, it was said.
Jalan Kalrock Consortium expects to restart Jet Airways in 4-6 months after NCLT nod
Jalan Kalrock Consortium, the winning bidder for Jet Airways, expects to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan.
Jet Airways, the once-storied full-service carrier was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).
Against the backdrop of the National Company Law Tribunal (NCLT) likely to take a final call on the resolution plan for the airline, the winning consortium s lead member Murari Lal Jalan told PTI that everything is on track as far as the revival efforts for the carrier are concerned.
Jalan Kalrock Consortium, the winning bidder for Jet Airways, expects to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan. Jet Airways, the once-storied full-service carrier was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). Against the backdrop of the National Company Law Tribunal (NCLT) likely to take a final call on the resolution plan for the airline, the winning consortium s lead member Murari Lala Jalan told PTI that everything is on track as far as the revival efforts for the carrier are concerned.
Jet Airways, the once-storied full-service carrier was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).