Winning Bizness Sports Desk
Mumbai. Good news coming from the aviation industry as cash-strapped Jet Airways may start its commercial operations once again very soon. Jet Airways service was suspended for the last 4 years. After this matter landed into the court, the court had ordered JKC to invest a total of Rs 350 crore to gain full control of Jet Airways. Jalan Calrock Consortium (JKC) has announced that it has met its investment target of Rs 100 crore in airlines. The promoter of the company had promised to invest a total of Rs 350 crore for the revival of the airline. Following this investment, Jalan Calrock Consortium said in its official statement that it plans to resume airline services by 2024.
NCLT has to pass an order
The National Company Law Tribunal (NCLT) had issued a bid for Jet Airways in June 2021 under the Insolvency Act. Jalan-Kulrock Consortium was the highest bidder in this by bidding to invest a total of Rs 350 crore to relaunch the airline. JKC had told the court that it would invest Rs 100 crore by August 31 and another Rs 100 crore by September 30. The remaining Rs 150 crore is being provided in the form of Performance Bank Guarantee (PBG).
Airline was grounded from 2019
Faced with financial difficulties, Jet Airways had stopped all flights from April 17, 2019. This airline was founded in 1990 by Naresh Goyal. It was started to compete with Air India. There was a time when these airlines had more than 120 aircrafts in its fleet and operated more than 650 flights per day. Jalan-Calrock Consortium is a company of UAE-based businessman Murari Lal Jalan. Kalrock Capital Partners is a UK based company, which wants to complete all the procedures and start the airline as soon as possible. JKC plans that Jet Airways can start its business from 2024 onwards. For this, the company is in continuous discussions with aircraft manufacturers, pilot associations and airport authorities.
