The Jalan-Kalrock Consortium, the resolution applicant of Jet Airways, has obtained the renewal for the air operator certificate (AOC) for the airline from the Directorate General of Civil Aviation (DGCA). Cash-strapped Jet Airways stopped flying from April 17, 2019. The Air Operator Certificate (AOC) was re-issued on May 20, 2022. However, since the airline did not start operations, AOC expired on May 19, 2023.
In a statement, the Jalan-Kalrock Consortium (JKC) said, the renewal of AOC revalidates the confidence of the Indian Aviation Regulator in the revival of Jet Airways.
Revival of Jet Airways
“JKC expresses its heartfelt gratitude to the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders, in showcasing their faith in JKC and in the revival of Jet Airways,” the Jalan-Kalrock consortium said.
“The Jalan and Kalrock Consortium remains fully dedicated to the revival of Jet Airways and is committed to implementing a comprehensive strategy to ensure the airline's success. JKC will continue to work closely with all relevant authorities, industry partners, and stakeholders in reviving Jet Airways in coming weeks,” it said in a statement.
In early morning trade, shares of Jet Airways jumped nearly 5 per cent to Rs 50.80 on BSE. Last week, JKC announced the appointment of Jatinderpal Singh Dhillon the airline's accountable manager. Earlier this month, two whole-time directors and a non-executive director were appointed at Jet Airways.
About Jet Airways
Launched in 1993, Jet Airways became synonymous with premium air travel for discerning travellers in India. Before suspending operations in April 2019, Jet Airways flew to more than 65 destinations in India and worldwide with 124 narrow and wide-body aircraft.
Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal. The (NCLT) approved the resolution plan of the Jalan Kalrock Consortium. In a first in Indian aviation history, an airline is being revived under its name after being grounded for an extended period.
Jet Airways said in its new avatar, it will be the country's most people-focused and customer-friendly airline. It will be a 'smart' full-service carrier with a two-class cabin configuration, including a business class cabin designed to global standards and an evolved new-generation economy class that offers customers what they most value.