The sun has risen for Jet Airways, again. A new beginning marked yesterday, 17th October 2020, when the “Joy of Flying” found its new owners.
April 2019 saw one of the worst days in the history of Indian aviation. Jet Airways ceased its operation after serving for 27 long years. As many as 20,000 people lost their jobs, it also left all the ‘Jet’ admirers heart-broken. The carrier, once known for its top-notch service started facing financial crisis, which resulted in bankruptcy and huge debt in 2019.
Jet Airways finally got a few bidders amidst the Covid19 crisis after eighteen months of shutting down. “Jet Airways had earlier received bids from two consortiums, one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC.” (Live Mint)
The new Owners of Jet Airways is a consortium between London based Kalrcok Capital, a financial advisory and an asset management firm and another UAE based businessman Murari Lal Jalan, founder of MJ Developers. Over 97 per cent Committee of Creditors (CoC) of Jet Airways voted in favor of the resolution plan submitted by Kalrock-Jalan consortium. They aim to revive the airline brand maintaining the service and quality of the brand.
The quest has just begun but there is a direction now. Once the resolution plan is approved by the National Company Law Tribunal (NCLT), they will need to apply to civil aviation ministry and corporate affairs ministry as the further procedure. If the requirements are taken care of, the airline might get back to the skies in the next 6-8 months. The new beginning to revive an iconic brand has started and it is going to be a challenge for the new owners of Jet Airways. Tomorrow has always been unpredictable and will always be unpredictable but now we patiently wait to experience and spot the revived ‘Joy of Flying’.