Committed to revival of Jet Airways, says Kalrock-Jalan consortium

The Kalrock Capital-Murari Lal Jalan consortium is committed to the revival of Jet Airways and is working towards delivering safe and quality services to customers in India and abroad, the consortium said in a statement issued on Thursday.

The firm has to obtain the air operator certificate (AOC) from the Directorate General of Civil Aviation by March 22, according to the resolution plan cleared by the National Company Law Tribunal last June.

The consortium has moved the tribunal seeking an additional two months to complete the process.

“We are working closely with the Ministry of Civil Aviation and the DGCA on the approval process and timelines for proving flight, following which the AOC of Jet Airways will be re-validated. The resumption of scheduled services will follow soon thereafter,” the consortium said.

The consortium was looking to restart operations with six Boeing 737 aircraft by June, according to the original plan.

“Restarting an airline is a complex exercise that must be done meticulously, in coordination with the Regulatory Authorities and we are well underway with the process,” the consortium said. This requires submission and evaluation of manuals, audit of operational preparedness and demonstration flights.

Sources said the process has taken time because of a delay in leasing of aircraft. As per the original plan the aircraft were to be leased through GIFT City, Gujarat but this is proving costlier than doing it offshore.

The consortium, however, said the extension of timeline had nothing to do with where aircraft are registered or deregistered or the cost of leasing.

“We are working with multiple aircraft lessors as well as aircraft manufacturers to source aircraft that will be inducted into the Jet Airways fleet over the next three to five years,” the consortium added.

It had earlier indicated plans to induct 100 aircraft over the next five years and pursue aggressive expansion strategy.

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