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Jet Airways all set to get its wings back: A timeline

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Jet Airways is ready to resume domestic operations from the first quarter of 2022. The airline will start short-haul international flights from the third-fourth quarter of 2022

Jet Airways all set to get its wings back: A timeline

After being grounded for two years, Jet Airways is ready to resume domestic operations from the first quarter of 2022. The airline will start short-haul international flights from the third-fourth quarter of 2022, the Jalan-Kalrock resolution consortium said.

“The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation. The consortium is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking," the statement said.

Jet Airways shut down in April 2019 over piling losses and a debt of about Rs 8,000 crore. A consortium of London-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan emerged as successful bidders in the Jet Airways insolvency resolution process.

Here’s a timeline:

August 28, 2018: Jet Airways reports Rs 1,323-crore loss in the first quarter of the year. The airline charts a cost reduction programme that will save Rs 2,000 crore over the next two years.

October 18: The cash-strapped airline carries out talks with Tatas for a possible investment. However, investors want founder and chairman Naresh Goyal to cede control.

October 19: Jet grounds 13 planes in a bid to curtail daily operations.

March 25, 2019: Goyal steps down as chairman from the board.  His wife Anita Goyal and other nominees also step down. Banks approve funding support of about Rs 1,500 crore; issue debt instruments against the security of Jet’s assets.

April 17: Jet Airways suspends operations.

June 20: A lenders consortium led by the State Bank of India file insolvency petition with the National Company Law Tribunal (NCLT).

March 13, 2020: Jet Airways fails to attract bidders; seeks more time from the NCLT for the resolution process.

March 18: NCLT grants more time to Jet for the resolution process.

June 14: NCLT approves Jet’s plan to sell its assets in Mumbai’s Bandra Kurla Complex  for $68 million to settle claims and clear overseas debt. The money is used to settle mortgage debts with HDFC and US-based Exim Bank.

October 17: The Committee of Creditors (CoC) approves the resolution plan of a consortium of UK investment fund Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

Imperial Capital Investments LLC from Abu Dhabi and Flight Simulation Technique Centre (FSTC) were also in the fray.

The consortium agrees to pump in Rs 10 billion as working capital and another Rs 10 billion to be paid to creditors over five years. They seek for restoration of slots on the basis of historicity.

February 25, 2021: Aviation regulator DGCA directed by NCLT to respond to airline’s request for slots.

June 3: Aviation ministry says Jet Airways does not qualify for grant of slots on the basis of historic precedence.

June 22: NCLT approves Jalan-Kalrock Consortium’s resolution plan. The tribunal says aviation ministry or appropriate authorities will decide on slot allocations.

August 19: Jet Airways staffers challenge Jalan-Kalrock Consortium’s resolution plan and approach National Company Law Appellate Tribunal (NCLAT), flagging concerns over pending salaries.

August 25: NCLAT agrees to hear the appeal filed by Jet Airways staff on October 8.

Meanwhile, the airline has initiated the process of re-certification of the existing Air Operator Certificate (AOC). Senior members of the Jalan-Kalrock Consortium, Jet 2.0 operations team led by acting CEO Capt. Sudhir Gaur visited key airports and held productive meetings for slot allocation, required airport infrastructure, and night parking.