Indian company Jet Airways seeks to settle debts and accelerate recovery

Jet Airways (JAI, Mumbai Int’l) plans to resume flight operations early next year, the Jalan Kalrock Consortium said, adding that it had filed a petition with the Mumbai National Company Law Tribunal ( NCLT) to enable it to accelerate its recapitalization. of the dormant carrier according to their plan, which was approved by the NCLT in June.

In a statement to the Indian press last week, the airline’s new promoters asked the court to allow them to execute the plan from December 22 and thereby pay all stakeholders, including former employees and ticket applicants. They added that Jet was busy revalidating its existing Air Operator Permit (AOP), which had been suspended in 2019. The process with India’s Directorate General of Civil Aviation (DGCA) began in August of this year, shortly after the NCLT accepted the consortium’s plan. . As such, the pursuit of a renewed license has been accelerated in an effort to meet the launch schedule of early 2022.

“We are in regular contact with the DGCA and the Ministry of Civil Aviation to have Jet’s PDO revalidated and we thank the authorities for their continued support. Jet Airways has an existing PDO valid until 2023, which was only suspended in 2019 due to the financial health of the company at the time, and the current process is to remove that suspension, so that the time required to obtain revalidation of the PDO will be significantly less compared to obtaining a new PDO by a new company, ”said the Jalan Kalrock consortium.

Florian Fritsch of Kalrock Capital Partners added that discussions are underway with Airbus (AIB, Toulouse Blagnac) and Boeing (BOE, Chicago O’Hare) over Jet’s plans to operate a fleet of more than 100 aircraft from here. 2027. For its launch, it seeks to use six unspecified narrow-body jets.

On the crucial issue of slots at major Indian airports, including Delhi Int’l and Mumbai Int’l, the consortium said it has worked closely with the Ministry of Civil Aviation and the Airports Authority of India (AAI ) to guarantee access to the entrance aerodromes as well as overnight parking space.

“We have had several rounds of discussions with all of the key airports that are part of the initial network plan and are confident to secure the required slots in the 2022 summer program,” he said.

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