Once India’s largest airline Jet Airways, which was grounded in 2019 has reported losses worth Rs 50.65 crore. The airline is currently awaiting transfer ownership to the winning bidder Jalan-Kalrock Consortium.
Jet Airways losses
Defunct Indian airline, Jet Airways has released financial results of First Quarter of this Financial Year. The airline has reported losses worth Rs 50.65 crore. In USD, this stands at around 6 million. Between April to June, the airline reported a revenue at Rs 37.57 crore. The airline’s listing on the National Stock Exchange revealed this information. Livemint extracted this from one of the airline’s filings. In last quarter of FY23, Jet Airways incurred losses worth Rs 54 crore.
Pay Rs 350 crore
In a recent hearing in National Company Law Appellate Tribunal (NCLAT), the Committee of Creditors (CoC) has asked the airline’s winning bidder Jalan-Kalrock Consortium to pay Rs 350 crore as part of Conditions Precedent. The Jalan-Kalrock Consortium is expected to make this payment before 31 August.
Next hearing at NCLAT is on 18 August. Senior Lawyer from Jalan-Kalrock Consortium Krishnendu Datta said that the consortium will try their best to pay the amount before the proposed date. The CoC said that if Jalan-Kalrock Consortium manages to deposit the amount, then it will not go against the ownership transfer decision from NCLT.
Renewal of AOC and new appointments
In recent few days, there has been quite a lot of movements within Jet Airways. Directorate General of Civil Aviation has reissued the Air Operator Certificate to the airline. The AOC expired in May. The airline has appointed Captain Jatinderpal Singh Dhillon as the accountable manager of the airline. In April this year, Designate CEO Sanjiv Kapoor left the airline followed by PP Singh, the ex-accountable manager. The airline has also appointed 2 Directors and a Chief Financial Officer.
Source Credits : Livemint