Uncertainty looms over the launch of Jet Airways as airline’s air operator’s certificate (AOC) expired on May 19. This was followed by its C-level executives leaving the company for better prospects.
As per the Indian Directorate General of Civil Aviation (DGCA) data, Jet Airways’ AOC was valid until May 19, 2023, with the airline having a single Boeing 737-800, registered as VT-SXE, assigned to the Indian carrier.
The airline’s sole Boeing 737-800 has not flown since August 2022.
The Jalan Kalrock Consortium (JKC), current owners of Jet Airways state that the company remained fully committed to relaunching the airline’s operations
Jet Airways suspended operations in April 2019 after it ran into severe financial problems. The consortium renewed the carrier’s AOC on May 20, 2022, in order to move forward with the resumption of flight operations.
Last November, India’s National Company Law Tribunal (NCLT), an arbitration panel, allowed JKC six months to pay $22.4 million to Jet’s creditors. This period ended on May 14.
JKC also informed NCLT that it needed more time to clear Jet’s dues and implement a revival plan.
Jet reported a loss of $6.5 million for the quarter ended March 2023.
The National Company Law Appellate Tribunal (NCLAT) on May 22 reserved orders in a plea by Jalan Kalrock Consortium (JKC), the successor to Jet Airways management, seeking directions to stop the State Bank of India (SBI) to invoke its bank guarantee of INR 15 bn
The appellate tribunal is likely to pronounce orders in the case on May 30.