Jet Airways winning bidder, the Jalan Kalrock Consortium (JKC) said Monday that it has received the Indian air operator’s permit to fly the airline again, years after it was grounded.
The Consortium has successfully obtained renewal for the Airport Operator Certificate (AOC) of Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28, 2023, thereby reinforcing its commitment to revive ‘India’s most admired airline’, the company stated in the press release.
This also led to a jump in shares of Jet Airways; it is up by 5 per cent in morning trade on BSE Sensex, which was last up 0.12 per cent.
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"The Jalan and Kalrock Consortium remains fully dedicated to the revival of Jet Airways and is committed to implementing a comprehensive strategy to ensure the airline's success," the consortium said.
JKC also clarified that they will continue to work closely with all relevant authorities, industry partners, and stakeholders in helping the airways to its former glory in coming weeks.
The AOC of Jet Airways was revalidated on May 20 last year for a one-year tenure, which later expired in May this year as uncertainty prevailed. Jet Airways, after flying for 25 years, had stopped operating in April 2019, burdened under piling losses, debt and dues. It was admitted for insolvency proceedings by the National Company Law Tribunal in June 2019. After two years of a rambling insolvency process, the bankruptcy court approved the Jalan-Kalrock consortium’s resolution plan in June 2021.
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The NCLAT said it will hear the final round of arguments on August 7.
