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India's Jet Airways to resume domestic operations in first quarter of 2022

Stock MarketsSep 13, 2021 02:15AM ET
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© Reuters. FILE PHOTO: Jet Airways aircrafts are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas

(Reuters) -Jet Airways will resume domestic operations by the first quarter of 2022, an investor consortium, whose resolution plan was approved by India's bankruptcy court earlier this year, said on Monday.

Once India's biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.

The defunct airline had said in June that the National Company Law Tribunal (NCLT) approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.

The bankruptcy court's go-ahead came several months after Jet's creditors had given their approval in October last year to the resolution plan submitted by the consortium.

"Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022," Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium and the proposed Non-Executive Chairman of Jet Airways said.

Jet, which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai, said it has already hired over 150 full-time employees and is looking to onboard another 1,000 employees in FY 2021-22 across categories.

Shares of Jet Airways hit their upper circuit and were trading at 84.40 rupees a piece.

India's Jet Airways to resume domestic operations in first quarter of 2022
 

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