Jet Airways new promoters Jalan-Kalrock Consortium are currently tangled with lenders led by State Bank of India in the NCLAT court.
Lenders led by State Bank of India argued in the National Company Appellate Law Tribunal (NCLAT) that the new promoters has neither infused anything in the airline since start nor paid the creditors. The lenders said that the promoters have failed to convince that they have got the money to restart the airline.
Earlier, lenders reached Delhi High Court requesting asset liquidation. They said that the NCLT approved resolution plan was never going to work.
Argument from new promoters
The new promoters, Jalan-Kalrock Consortium has said that lenders have tried their best to halt the takeoff of Jet Airways.
Jalan-Kalrock Consortium said that it got the Air Operator Certificate in May 2022. But was not able to restart operations because of ownership transfer delay. The ownership transfer has not occured till date. Now, even DGCA has asked the airline to first clear the court battle and infuse funds in the airline. Then only, the aviation watchdog will renew the Air Operator Certificate of the airline.
JKC had obtained slots at Delhi and Mumbai airport to restart operations. The consortium fears that the slots may be again reallocated to some other airline, as Jet Airways ownership is yet to be transferred.
The Jalan-Kalrock Consortium has seeked clarity from the NCLAT. According to a report, the NCLAT will hear final arguments on August 7.
New inductions at Jet Airways
The Jalan-Kalrock Consortium recently announced the recruitment of Captain Jatinderpal Singh Dhillon as the accountable manager of the airline. Furthermore, the airline recently recruited 2 Directors and a Chief Financial Officer.
In April, the designate Chief Executive Officer Sanjiv Kapoor resigned from the airline and joined Saudia Airlines as an advisor. Accountable Manager PP Singh & Head Secretary also resigned.
What do you think? Will Jet Airways fly again? Share your opinion in the comments.