New investors ask for more time to revive Jet Airways

The Kalrock Capital-Murari Lal Jalan consortium has petitioned the National Company Law Tribunal (NCLT) in India to extend the deadline for the recertification of Jet Airways (JAI, Mumbai Int’l) by another two months, through late May 2022, the Business Standard has reported.

The new investors currently have until March 22 to obtain a renewed air operator’s certificate (AOC) for the airline. Failure to do so would result in the lapsing of the approved resolution plan.

The consortium said in a statement distributed to the Indian media that it was “working closely with the Ministry of Civil Aviation, Government of India, and the Directorate General of Civil Aviation (DGCA) on the approval process and timelines for proving flight, following which the Air Operator Certificate of Jet Airways will be re-validated”.

“Restarting an airline is a complex exercise that must be done meticulously, in coordination with the regulatory authorities, and we are well underway with the process,” the investors added.

They have also said they expect the AOC to be re-validated before the extended deadline. The resumption of scheduled services is planned “soon thereafter”. Pending the reissuance of the permit, the airline remains owned by its creditor consortium, even though its recertification is funded by the Kalrock Capital-Murari Lal Jalan consortium.

Although the airline submitted letters of intent for the leases of its first batch of narrowbody aircraft to the DGCA, it has not publicly revealed its fleet plans yet. In recent weeks, the airline strengthened its executive team by hiring Sanjiv Kapoor, the ex Vistara’s chief strategy and commercial officer, as chief executive, and Vipula Gunatilleka, the former CEO of SriLankan Airlines, as chief financial officer.