Jet Airways takes off on buzz it may resume domestic ops in Q1-2022

Jet Airways (India) hit an upper circuit of 5% at Rs 83.50 amid media buzz that the company aims to restart domestic services by the first quarter of 2022.

Sep 13, 2021 02:09 IST capital market

Murari Lal Jalan, lead member of the Jalan Kalrock Consortium, reportedly said, Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short-haul international operations by Q3/Q4 2022.

As per reports, the first flight of Jet Airways would be on the Delhi-Mumbai route, adding that the airline would now be headquartered in Delhi instead of Mumbai.

Jet Airways is debt-ridden non-operational airline company. The airline had grounded its operations in April 2019, after it ran out of money to meet its debt repayment obligations. It was admitted for insolvency on 20 June 2019, after lenders failed to sell the grounded airline.

In October 2020, the Committee of Creditors (CoC) of Jet Airways had approved the resolution plan submitted by a consortium of UKs Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

The National NCLT in June this year had approved Murari Lal Jalan led Jalan Kalrock Consortiums resolution plan for Jet Airways, two years after the once-storied full-service carrier went into insolvency proceedings.

The Consortium reportedly stated that the revival plan for Jet Airways is being implemented as approved by NCLT and all the creditors will be settled according to the plan in the coming months. The process of reviving the grounded carrier is on track with the existing Air Operator Certificate already under process for revalidation, it reported said.

Jet Airways (India) recorded a net loss of Rs 107.01 crore in Q4 FY21 compared with net loss of Rs 964.97 crore in Q4 FY20. Total income rose 44% to Rs 17.73 crore in Q4 FY21 over Q4 FY20.

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