Grand Thornton Advisory, in charge of the revival, say that Jet Airways may fly again by end of 2021. The National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan set by, London-based, Kalrock-Jalan consortium. They will now apply for the necessary government approvals, and the new routes will be decided in 90 days.
Due to mounting debt, the airline had closed its operations in 2019. After over a year of losing, the Jet Airways committee of creditors approved the consortium’s plan to invest Rs 600 crore to repay creditors and acquire a 90% stake in the company. The carrier owes over ₹ 8,000 crore to banks, with public sector lenders having significant exposure.
Post approvals, the issue will switch to the number of slots that will be allocated to Jet Airways. The airline is hoping to build back its old slots of about 700 time slots in busy airports like Mumbai and Delhi. But the Civil Aviation Ministry is not yet transferring these time slots to the airline.
The airline also cautioned that it will not be able to start with its previous 120-aircraft crew from day one, but plans to add more as they move along.
The covid situation and the complete overhaul of the airline industry will play a factor in many of these future decisions.