Jet Airways, the domestic airline that ceased operations about four years ago due to poor financial conditions, is set to take to the skies once more.
The Directorate General of Civil Aviation (DGCA) has renewed its Airport Operator Certificate (AOC), allowing the airline’s aircraft to resume flight services.
The news was confirmed by the Jalan-Kalrock Consortium, which has been tirelessly working to revive the operations of Jet Airways.
Jalan-Kalrock Consortium Expresses Gratitude for DGCA’s Approval
The Jalan-Kalrock Consortium, responsible for the revival efforts, expressed delight over the approval received from DGCA.
It extended its gratitude to the DGCA, Ministry of Civil Aviation, and all stakeholders involved. With the AOC renewal, the consortium aims to devise a well-thought-out strategy to ensure Jet Airways’ success.
Close coordination with relevant authorities, industry partners, and stakeholders will be key to achieving this objective.
Jet Airways’ History and Revival Efforts
Jet Airways began its flight operations in 1993 and had a successful run for approximately 26 years before encountering financial troubles that led to its closure on April 17, 2019.
The airline operated flights to over 65 destinations within India and 124 destinations internationally.
After its closure, the Jalan-Kalrock consortium was entrusted by the National Company Law Tribunal (NCLT) to revive the airline.
Challenges on the Road to Revival
Jet Airways’ efforts to resume operations faced hurdles when creditors informed the Supreme Court on July 10 that the NCLT resolution plan was not yielding results.
The consortium had not invested any funds at that point, prompting creditors to seek permission to sell the airline’s assets.
With outstanding debts amounting to approximately Rs 8,000 crore, Jet Airways owed significant sums to financial institutions such as SBI, PNB, IDBI, Canara Bank, and ICICI Bank.
Looking Ahead: Jet Airways Takes a Step Closer to Soaring Once Again
Despite the challenges, the Jalan-Kalrock Consortium is actively pursuing the revival of Jet Airways.
Recently, Jatinderpal Singh Dhillon was appointed as its new Accountable Manager, signaling the consortium’s commitment to making progress.
With DGCA’s approval, the airline is now preparing to re-enter the aviation landscape, aiming to reclaim its position in the industry after a period of hiatus.