Jet may fly again in 4 months after new management takes over


New Delhi, Oct 20 (IANS): The much-awaited Jet Airways' resolution is finally heading towards a success, with the resolution plan of Kalrock Capital and Murari Lal Jalan having been approved by the Committee of Crediors (CoC).

Now, after the resolution process has been completed and the Kalrock-led consortium takes over the airline, the first task would be to retrieve its slots which were temporarily distributed among other players.

The airline is expected to fly again in around four to six months.

Speaking to IANS, Ashish Mohanty, President of Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) said that Jet's first flight may be in about four months after the takeover by the new owners.

He said that the 12 aircraft of the airline which have been grounded for the past 18 months need to be restored after maintenance and made operational.

"Jet has always been a really good brand and we have been hopeful that it get new owners, it will take off in just three to four months," he said.

The resolution, however, has its own cons for the lenders as they would have to take around 90 per cent haircut.

The admitted debt of Jet Airways was Rs 8,000 crore.

However, the positive for the creditors is that they would get 10 per cent equity in the revamped airline under the resolution plan.

The resolution process, however, has left the other contenders in the bidding fray aggrieved.

Speaking to IANS, Sanjay Mandavia, who was the other major contender, said that his bid was better and more robust.

Pilot-turned-entrepreneur Mandavia is the Founder of Flight Simulation Technique Centre (FSTC).

Mandavia's newly formed airline FlyBig has bagged slots under the government's UDAN scheme. He had planned to merge Jet with FlyBig.

  

Comment on this article

  • Anand Dsouza, Kuwait

    Wed, Oct 21 2020

    Want to fly by Jet Airways at the earliest.

    DisAgree [2] Agree [2] Reply Report Abuse

  • SJM, Mangalure

    Wed, Oct 21 2020

    Hope fekus will not credit in this new start up

    DisAgree [2] Agree [3] Reply Report Abuse

  • Maria Sequiera, Shirva - Udupi

    Wed, Oct 21 2020

    Can;t you digest even food, SJM whatever?

    DisAgree [1] Agree [4] Reply Report Abuse

  • Harish Hegde, Mangalore

    Wed, Oct 21 2020

    Good luck

    DisAgree Agree [1] Reply Report Abuse

  • Sunil K, Mangalore

    Tue, Oct 20 2020

    The timing is bad (with the travel and hospitality sector hit badly due to Covid). I don't see a successful resurrection for at-least another 18 months. Anything re-started in haste will end up worse than before.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Bhavya Baliga, Udupi

    Tue, Oct 20 2020

    The Don in different colour.

    DisAgree [5] Agree [8] Reply Report Abuse


LEAVE A COMMENT

Title : Jet may fly again in 4 months after new management takes over


 
 
 
 

 
You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.


Security Validation

Enter the characters in the image