India’s Jet Airways aims to restart in 1Q22

Despite not having secured the critical slots at congested Mumbai Int’l and Delhi Int’l airports it needs, Jet Airways (JAI, Mumbai Int’l) is still hoping to restart scheduled flights in the first quarter of 2022, CNBC TV18 has reported.

The consortium of Murari Lal Jalan, a UAE-based Indian investor, and UK fund Kalrock Capital, secured the approval of the National Company Law Tribunal (NCLT) in June 2021, although it has yet to clear all obstacles. The Punjab National Bank (PNB) filed an appeal at the National Company Law Appellate Tribunal (NCLAT), alleging “gross irregularities” during the bankruptcy resolution. The appeal resulted in a stay of execution for the takeover’s approval. The tribunal will hear the case on September 21, 2021.

Jet Airways is currently in talks with the Indian Directorate General of Civil Aviation (DGCA) about reactivating its Operating Licence (OL). It began hiring personnel, for the time being, mostly in maintenance and administration but continues the search for a new chief executive officer. Meanwhile, it is reportedly in talks with both Airbus and Boeing about a potential order for new-generation narrowbody aircraft. The carrier still owns one A330-200, two B737-800s, one B737-900, and five B777-300(ER)s, the ch-aviation fleets ownership module shows. However, it is reportedly looking at selling these aircraft in favour of leasing new ones.

Pending the confirmation of its slot portfolio, Jet Airways has been unable to finalise its network plans. The carrier intends to focus on trunk domestic routes in India in the first phase of its revival using Mumbai, Delhi, and Bangalore Int’l as its main hubs.