Jet Airways Gears Up To Announce Launch Date In A Few Weeks; Completes Another Addition Of ₹100 Cr

by Shreya Rathod
Jet Airways Gears Up To Announce Launch Date In A Few Weeks; Completes Another Addition Of ₹100 Cr

The new owners of Jet Airways, the Jalan-Kalrock consortium, announced on Friday that they had finished infusing an additional ₹100 crore into the bankrupt airline and had met their goal of injecting ₹350 crore overall. Here are the details of the recent development of Jet Airlines.

New Owners Of Jet Airways Infused Additional ₹100 Crores!

jet airways
Credits: Wikimedia

The Jalan-Kalrock partnership was given till September 30 by the National Company Appellate Tribunal (NCLAT) to pay debts totalling ₹350 crore to lenders of the grounded airline. This deadline was announced on August 28.

As stated in the court-approved resolution plan, with this infusion, the Jalan-Kalrock consortium has now satisfied its overall financial commitment of ₹350 crore rupees. Additionally, all pledges by JKC now stand fulfilled to acquire control of the venerable airline. The consortium’s plan to save the airline has not changed, according to a statement.

According to Jalan Kalrock, the company plans to launch Jet Airways in 2024. In the next few weeks, further announcements regarding the launch date of Jet Airways will be made. Last week, the consortium also invested ₹100 crore in Jet Airways.

Also Read: Jet Airways Gets Air Operator Certificate Renewed By DGCA. But Why Was It Grounded?

Jet Airways had a fleet of 124 narrow- and wide-body aircraft and served more than 65 local and international destinations before its operations were terminated in April 2019.

About ₹400 Crore Of Public Funds Injected By Lenders

jet airways
Credits: Wikimedia

The Supreme Court was informed by the Committee of Creditors (CoC) of Jet Airways, headed by the State Bank of India, on July 5 that given that they had not received payment and that no funds had been put into the indebted airline, it could be more prudent to wound up the business. About ₹400 crore of public funds have been injected by lenders into the airline, which includes paying off airport debts.

The National Company Law Tribunal (NCLT), which was established on January 13th, had authorised the transfer of the troubled airline to the consortium. The transfer was, however, challenged by the airline’s financiers. Naresh Goyal, the founder of Jet Airways, was recently sentenced to 14 days in judicial detention in connection with a ₹538 crore bank fraud case.

Also Read: SpiceJet Tops List Of Most Delayed Indian Airlines In May; What About 7 Other Airlines?

After questioning Goyal for many hours at its Mumbai office, the Enforcement Directorate (ED) detained him on September 1 under the Prevention of Money Laundering Act (PMLA).

Cover Image Courtesy: Wikimedia