Airliners-India.com

747-237 · Posted: Thu Sep 16, 2021 9:30 am Post subject: Jet Airways News -- Part 16

https://www.ch-aviation.com/portal/news/107720-indias-jet-airways-to-lease-narrowbodies-for-1q22-restart

Jet Airways to lease narrowbodies for 1Q22 restart

15.09.2021

Jet Airways (JAI, Mumbai Int'l) is expected to start domestic flight operations in the first quarter of 2022 and is working closely with airport operators on slot allocation, the Jalan-Kalrock consortium behind the attempt to relaunch the airline has told local media in a press release.

The new-look carrier intends to perform its first post-insolvency commercial flight from Delhi Int'l to Mumbai Int'l early next year, followed by short-haul international flights by the third or fourth quarter of 2022, the consortium said on September 13.

Sudhir Gaur has been named acting chief executive of the resurrected airline. He is a veteran pilot who has been with Jet Airways since its inception and who led criticisms of the company’s management last year before the consortium of London-based asset management firm Kalrock Capital and Murari Lal Jalan, an investor based in the United Arab Emirates, secured the approval of creditors in November and subsequently the backing of the National Company Law Tribunal (NCLT) in June 2021.

The statement said that the process of resuscitating the grounded carrier was on track, with its existing Air Operator’s Certificate (AOC) in the process of revalidation. The consortium is working with the relevant authorities on slot allocations and the necessary airport infrastructure, it added. The Mumbai bench of the NCLT has given the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation 90 days to allot the required slots to Jet Airways, to be effective from June 2022.

“Our plan is to have 50+ aircraft in three years and 100+ in five years,” Jalan said in the statement, adding that an “all-narrowbody fleet” was “being selected based on competitive long-term leasing solutions. It is the first time in the history of aviation that an airline grounded for more than two years is being revived.”

According to Gaur, Jet Airways has already hired more than 150 full-time employees, and by the start of the 2022 financial year (April 1 next year), the recruitment of more than one thousand personnel will start in all categories.

The company’s headquarters will be in Gurgaon, a city just to the southwest of both New Delhi and Delhi Int’l. The first version of the carrier was based at Mumbai Int’l. However, “Jet Airways will continue to have strong and significant presence in Mumbai,” Gaur promised.
_________________
11000 posts (and counting) on Airliners-India.

The_Goat · Posted: Tue Sep 21, 2021 10:43 pm Post subject: Re: Jet Airways News -- Part 16

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

The_Goat · Posted: Wed Sep 29, 2021 8:23 pm Post subject: Re: Jet Airways News -- Part 16

747-237 · Posted: Fri Oct 08, 2021 3:33 pm Post subject:

https://www.ch-aviation.com/portal/news/108398-indias-jet-airways-volte-faces-on-b777-plans

Jet Airways volte-faces on B777 plans

06.10.2021

Contrary to earlier indications that it would abandon the type, Jet Airways is now contemplating reactivating some of its owned B777-300(ER)s when it restarts, a source told The Economic Times.

At the time of its grounding amidst an acute liquidity crisis in April 2019, Jet Airways operated nine B777-300(ER)s, of which it owned six. One of them was sold by Dutch administrators for USD9 million but the airline retains the other five aircraft. Three of them are stored at Mumbai Int'l airport and the other two at Delhi Int'l, the ch-aviation fleets advanced module shows.

According to new owners, the Kalrock Capital-Murari Lal Jalan consortium, Jet Airways plans to restart in the first quarter of 2022. International flights - albeit initially only short- and medium-haul - could relaunch in the second half of the next year. Before that happens, however, the airline has to complete the necessary paperwork. And while its Air Operator's Certificate (AOC) has only been suspended and not withdrawn, the revalidation has yet to be completed.

Besides the B777s, Jet Airways also owns one A330-200, two B737-800s, and one B737-900.
_________________
11000 posts (and counting) on Airliners-India.

The_Goat · Posted: Mon Oct 11, 2021 11:58 pm Post subject:

They are going to find it a bigger struggle than they bargained for. The AI takeover by the Tatas has changed everything.

The Tatas now have a huge stranglehold over the FSC sector in India with AI and Vistara in their pocket. AI will only get better and better. The Tatas are sure to hoover and steam up AI's premium offering and bring it somewhat on par with the likes of SQ and Qatar. Once business travel picks up post pandemic, the premium crowd from Star Alliance will give AI a serious consideration.

I'm sure this is what Murari Jalan had in mind when he thought of re-introducing the 77Ws. It's the only aircraft they have that can offer the premium product to compete with AI-Vistara. And again, it remains to be seen whether 9W part 2 will get back its slots.

9W part 2 is going to have to work real hard to get re-established.
_________________
I don't know which is the more pampered bunch : AI's widebodies (the aunties) or Jet's widebodies (the planes).
-Jasepl

The_Goat · Posted: Tue Oct 19, 2021 8:11 pm Post subject:

Ex Jet Airways B77W VT-JEW, that was impounded at Schiphol Amsterdam three years ago, is now on her way to VCV. She now has a new registration N377CL.

https://flightaware.com/live/flight/N377CL/history/20211019/1012Z/EHAM

She will most likely be scrapped.
_________________
I don't know which is the more pampered bunch : AI's widebodies (the aunties) or Jet's widebodies (the planes).
-Jasepl

747-237 · Posted: Thu Dec 02, 2021 3:31 pm Post subject:

https://www.moneycontrol.com/news/business/jet-airways-in-talks-with-boeing-airbus-for-100-aircraft-worth-12-billion-report-7784691.html

Jet Airways in talks with Boeing, Airbus for 100 aircraft worth $12 billion: Report

Dec 02, 2021

Jet Airways is reportedly in talks with airplane makers Boeing Co and Airbus SE to place an order worth $12 billion, Reuters reported on December 2, citing Bloomberg News.

The new owners of the airlines – United Arab Emirates-based businessman Murari Lal Jalan and United Kingdom-based investment firm Kalrock Capital have told that Jet is planning to buy at least 100 narrow-body aircraft.

The Jalan-Kalrock consortium is set to invest about $200 million through equity and debt in Jet Airways over the next six months.

The group's resolution plan for Jet was approved by the National Company Law Tribunal (NCLT) on June 22. The airline is aiming to restart domestic operations by the first quarter of 2022.
_________________
11000 posts (and counting) on Airliners-India.

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

Every airline is merrily ordering massive aircraft from Airbus or Boeing. Here we have Jet, last month was Akasa and then Indigo is constantly ordering.

Tata/Air India will soon ramp up too. I am not sure if India needs some many flights and the airports especially the bigger ones can handle all that traffic and parking.

Aseem · Member Joined: 15 Dec 2006 Posts: 2841 Location: YYZ

If anybody has an iota of IQ, they will order aircrafts keeping GNoida/Jewar airport in mind. Or are we going to be losers again? This is keeping mind that that airport will be cargo predominant, if not cargo only.

VT-ASJ
_________________
[url=http://openflights.org/user/aseemsjohri]

[/url]

The_Goat · Posted: Tue Dec 07, 2021 12:29 am Post subject:

747-237 · Posted: Mon Dec 20, 2021 7:38 pm Post subject:

https://www.ch-aviation.com/portal/news/110872-indias-jet-airways-looks-to-settle-debts-expedite-relaunch

Jet Airways looks to settle debts, expedite relaunch

20.12.2021

Jet Airways is planning to resume flight operations early next year, the Jalan Kalrock Consortium has said adding that they have petitioned the Mumbai Bench of the National Company Law Tribunal (NCLT) to allow them to expedite their recapitalisation of the dormant carrier as per their plan, which was approved by the NCLT back in June.

In a statement to the Indian press last week, the airline's new promoters asked the court to allow them to execute the plan as of December 22 and thus pay all stakeholders, including former employees and ticket claimants. They added that Jet was busy revalidating its existing Air Operator Permit (AOP) which was suspended back in 2019. The process with India's Directorate General for Civil Aviation (DGCA) began back in August this year, soon after the NCLT consented to the consortium's plan. As such, the pursuit of a renewed licence has been expedited in an effort to meet the early 2022 launch timeline.

“We are in regular touch with the DGCA and the Ministry of Civil Aviation to have Jet’s AOP revalidated and we thank the authorities for their continued support. Jet Airways has an existing AOP valid until 2023, which was only suspended in 2019 due to the financial health of the company then, and the current process taken up is towards removing the said suspension, so the time required for getting the AOP revalidated will be substantially less in comparison to obtaining a fresh AOC by a new company," the Jalan Kalrock Consortium said.

Florian Fritsch of Kalrock Capital Partners added that talks are underway with Airbus (AIB, Toulouse Blagnac) and Boeing (BOE, Chicago O'Hare) over Jet's plans to operate a fleet of over 100 aircraft by 2027. For its launch, it is looking to use six unspecified narrowbody jets.

On the crucial issue of slots at India's main airports, including Delhi Int'l and Mumbai Int'l, the consortium said it had been been working closely with the Ministry of Civil Aviation and the Airports Authority of India (AAI) to secure access to the gateway airfields as well as overnight parking space.

“We have held multiple rounds of discussions with all key airports which form part of the initial network plan and are confident to get the required slots in the Summer schedule of 2022,” it said.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Mon Feb 07, 2022 6:01 am Post subject:

https://www.ch-aviation.com/portal/news/112336-indias-jet-airways-applies-for-aoc-amidst-uncertain-funding

Jet Airways applies for AOC amidst uncertain funding

07.02.2022

Jet Airways applied for the restoration of its Air Operator's Certificate (AOC) in the last week of January 2022, although there remains a lack of clarity as to the financing of the carrier's recertification, the Business Standard daily has reported.

The dormant carrier hopes the Indian Directorate General of Civil Aviation (DGCA) will begin documentation checks in mid-February, paving the way for proving flights by the end of this month. The AOC could then be restored by March 15, allowing Jet to restart operations nearly three years after it suspended them.

`On top of appointing new executives, Jet has submitted Letters of Intent (LOIs) for its first batch of narrowbody aircraft for the planned restart and has preliminary agreements with maintenance providers.

Jet Airways must complete its recertification by March 22, when the resolution plan submitted by new owners, the Murari Lal Jalan and Kalrock Capital consortium, and approved in June 2021, is due to lapse. As such, if it does not regain the AOC, the entire restructuring and acquisition will be jeopardised.

While sources said Jet Airways should not face any problems in completing its AOC drive, as it suspended operations solely for financial and not technical reasons, procedural issues relating to the funding of the process may put it at risk. The National Company Law Tribunal (NCLT) has ruled that its new owners can only take formal ownership of the carrier once it regains its AOC. Until then, the airline remains owned by its creditors' consortium led by the State Bank of India.

This arrangement has made the new owners more cautious about funding Jet's recertification. Sources said the consortium has acted in good faith and was willing to expedite the injection of INR1 billion rupees (USD13.4 million) in December, more than the AOC drive requires, but the NCLT refused to accelerate the transfer of ownership.

Separately, in January, the NCLT ordered the new owners to share parts of their resolution plan, which remains secret, with Jet's labour unions. The order only pertains to the parts of the plan which affect employment conditions.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Wed Feb 16, 2022 12:20 pm Post subject:

https://www.ch-aviation.com/portal/news/112693-indias-jet-airways-secures-66mn-loan-to-finance-restart

Jet Airways secures $6.6mn loan to finance restart

16.02.2022

Jet Airways (JAI, Mumbai Int'l) has secured a INR500 million rupee (USD6.6 million) unsecured inter-corporate deposit from Orion IT, a fund owned by the airline's forthcoming co-owner Murari Lal Jalan, to finance its recertification and relaunch.

The grounded carrier said in a stock market filing on February 14, 2022, that the deposit will bear no interest and will be payable in one or more tranches ahead of the carrier's relaunch. Jet Airways will start repaying the facility only once it is recertified and after it repays all obligations to financial creditors.

Orion IT is owned by Murari Lal Jalan and Ankit Jalan. Murari Lal Jalan is also a partner in a consortium with Kalrock Capital, which submitted an approved resolution plan for the airline and is set to become its new owner.

However, according to the terms set by the National Company Law Tribunal, the Murari Lal Jalan-Kalrock Capital consortium can only take ownership of the airline once it regains its Air Operator's Certificate. This has led to a stalemate as the new investors have been unwilling to fund the airline's AOC drive due to the fact they currently have no stake and no formal guarantees. Without such investment, the airline will not be able to bear the costs of recertification.

As the resolution plan is valid through March 22, 2022, the Indian carrier has to resecure its flying permit by this date to facilitate the formal transfer of ownership. For the time being, the airline remains owned by a consortium of its financial creditors.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Sat Apr 09, 2022 6:40 am Post subject:

https://www.ch-aviation.com/portal/news/114433-jet-airways-outlines-plans-for-hybrid-model-recertification

Jet Airways outlines plans for hybrid model, recertification

08.04.2022

Jet Airways (JAI, Mumbai Int'l) plans to lease a B737 for AOC proving flights this month as it gears up to relaunch as a hybrid business model combining no-frills economy class with a premium business class product

"We are confident that we are very close to a proving flight. Proving flight is the last step. If you pass the last step, there's nothing preventing you from getting the Air Operator's Permit," Chief Executive Sanjiv Kapoor told Bloomberg.

He said the carrier was still in talks with Airbus, Boeing, and Embraer concerning its future fleet, and refused to divulge any details. However, he conceded that the final choice would be driven primarily by long-term perspectives rather than by the short-term availability of delivery slots. He also did not outline a timeline for the relaunch.

The carrier is restarting under a consortium between Murari Lal Jalan and Kalrock Capital. Under the terms of the restructuring plan approved last year, the new investors had until the end of March 2022 to recertify the carrier. However, in March they requested more time, until the end of May 2022, to prevent the lapsing of the approved restructuring plan. While the National Company Law Tribunal has yet to issue a verdict on the application, the airline's creditors - who remain its owners pending the recertification and transfer of ownership to the Murari Lal Jalan-Kalrock Capital consortium - have expressed their support for the extension. On April 1, the creditors estimated that the airline needed an additional 37 working days to complete its recertification.

Meanwhile, Jet Airways is already preparing its commercial offer. Kapoor said the airline's proposed business model was the best fit for the Indian market environment.

"It's very difficult in the domestic Indian market to take on the cost of the food and everything else in economy class, where the customer in India chooses primarily on the basis of fares. Let's just accept that, and let's not burden ourselves with extra cost," he explained.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Wed May 04, 2022 8:44 pm Post subject:

https://www.ch-aviation.com/portal/news/115117-indias-jet-airways-adds-b737-800-for-aoc-proving-flights

Jet Airways adds B737-800 for AOC proving flights

04.05.2022

Jet Airways (JAI, Mumbai Int'l) has edged closer to its long-awaited restart, having added a B737-800 for proving flights expected in mid-May 2022. Live Mint reported that the airline expects to relaunch commercial operations between July and September 2022.

VT-SXE (msn 34802) is currently at Hyderabad Int'l in Jet Airways' livery, but has yet to begin proving flights. The 15.3-year-old Boeing narrowbody was operated by Jet Airways between 2007 and its collapse in 2019 as VT-JGU, the ch-aviation fleets history module indicates. It was subsequently transferred to SpiceJet (SG, Delhi Int'l), which operated it through December 16, 2021, Flightradar24 ADS-B data shows. Since then, the aircraft has been parked.

Sources said that while the dates had not yet been finalised, the proving flights with Directorate General of Civil Aviation (DGCA) officials on board are tentatively expected in the first half of May.

Jet Airways, under new ownership by the Murari Lal Jalan and Kalrock Capital consortium and with new management (led by CEO Sanjiv Kapoor), is planning to relaunch in as a hybrid business model combining premium seats and no-frills economy class. Kapoor said earlier that the airline, which has been grounded since April 2019, will relaunch by October 2022 at the latest. Even though it would be using the B737-800 for proving flights, it has yet to announce its fleet plans publicly. Kapoor said Airbus, Boeing, and Embraer aircraft were all under evaluation.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Fri May 20, 2022 7:49 pm Post subject:

https://timesofindia.indiatimes.com/business/india-business/dgca-grants-operating-permit-to-jet-airways/articleshow/91690525.cms

Jet Airways 2.0 gets airline licence; to resume flights by September

May 20, 2022

Jet Airways is all set to become the first Indian carrier to revive operations under India's bankruptcy law September this year.

The Directorate General of Civil Aviation (DGCA) on Friday granted the airline operating permit (AOP, or licence) to Jet 2.0 under its new promoters, the Jalan-Kalrock consortium, and a new management team.

The airline had suspended flights in April 2019 and is now looking at resuming scheduled commercial flights in the coming months.

The winning consortia says it plans to "recommence commercial operations in the next quarter of this year (July-September 2022). Aircraft and fleet plan, network, product and customer value proposition, loyalty program, and other details will be unveiled in a phased manner over the coming week."

The grant of AOP, the consortium says, fulfills "all the conditions precedent under their NCLT approved Resolution Plan."

On May 15 and 17, the airline had successfully conducted 2 proving flights with key DGCA officials on board.

Murari Lal Jalan, lead member of Jalan-Kalrock Consortium, said: “Today marks a new dawn for not just Jet Airways, but also for the Indian aviation industry. We are now at the brink of creating history by bringing India’s most-loved airline back to the skies. We will not only live up to the great expectations from brand Jet Airways, but also exceed them in many ways for today’s discerning flyers. We are committed to making this an extraordinary success story in Indian aviation and in Indian business. We are grateful to the NCLT, the ministry of civil aviation, and to the DGCA for supporting us at every step of our efforts to revive the airline.”

Jet CEO Sanjiv Kapoor said: “We are grateful to have received the revalidated AOC, the culmination of months of effort by a fantastic and dedicated team that never wavered in its faith and belief that Jet Airways would fly again, backed by the Jalan-Kalrock Consortium, by the Resolution Professional, and by committee of creditors who were equally determined to see Jet fly again....We will combine the best of what Jet Airways was known for 25 years, with exciting new ideas to set the bar even higher."

The statement added that additional senior management appointments will be unveiled next week, and hiring for operational roles will also now commence in earnest, with former Jet Airways staff getting preference.
_________________
11000 posts (and counting) on Airliners-India.

The_Goat · Posted: Fri May 20, 2022 11:46 pm Post subject:

747-237 · Posted: Fri Jul 01, 2022 7:47 am Post subject:

https://www.ch-aviation.com/portal/news/117037-indias-jet-airways-nears-airbus-order-sources

Jet Airways nears Airbus order - sources

30.06.2022

Jet Airways (9W, Mumbai Int'l) is close to selecting Airbus as its new fleet supplier with A220 and the A320neo Family aircraft in play, sources told the Bloomberg newswire.

The carrier, which recently recertified and is nearing a restart after more than three years of grounding, said it was in "final negotiations" with manufacturers and lessors but did not identify any frontrunners. Boeing and Embraer remain in contention.

Prior to its grounding in April 2019, Jet Airways was mainly a Boeing customer. The ch-aviation fleets history module shows the airline's fleet comprised at various times B737-400s, B737-500s, B737-700s, B737-800s, B737-900s, B737-900(ER)s, B737-8s, and B777-300(ER)s. It also operated Avions de Transport Régional turboprops, A330-200s, A330-300s, and A340-300s. Having returned or parked all of its aircraft due to financial troubles, Jet Airways used a single B737-800, VT-SXE (msn 34802), for its recertification process. According to the ch-aviation fleets ownership module, it continues to own one A330-200, two B737-800s, one B737-900, and five B777-300(ER)s but has no stated plans to use any of them for its return.

Jet Airways retains an order for 125 B737-8s and ten B787-9s, placed before its April 2019 grounding. The B737 MAX were ordered in three batches in 2013, 2014, and 2018, and the B787s in 2006.

The report follows earlier and also unofficial leaks that rival Air India (AI, Mumbai Int'l) is also close to selecting Airbus for its future fleet needs.

Meanwhile, Jet Airways filed an official complaint to the Directorate General of Civil Aviation (DGCA) to address the fact that SpiceJet (SG, Delhi Int'l) continues to operate ex-Jet Airways aircraft with no livery change.

"It has come to our notice that many of the airplanes continue to fly in full Jet Airways' colours on the fuselage and tail with our name blanked off and overwritten by decals…Some of these aircraft have been involved in accidents/incidents, photographs of which have been widely circulated in the media... It is evident that an operator flying its aircraft in another airline's livery has a serious potential to mislead the public about the identity of the operator," Jet Airways' accountable manager Priyapal Singh wrote.

SpiceJet took over the leases of a substantial number of ex-Jet Airways after the latter's grounding in April 2019. It continues to operate ten aircraft formerly flown by its rival (two B737-700s and eight -800s), the ch-aviation fleets advanced module highlights. The aircraft remain in Jet Airways' livery with the name stripped and SpiceJet's logo placed on the fuselage instead.

SpiceJet said that it had yet to receive any communications from the DGCA, but stressed that the ten aircraft were up for imminent retirement and replacement with B737-8s.
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Wed Jul 13, 2022 7:48 am Post subject:

https://www.ch-aviation.com/portal/news/117354-indias-jet-airways-eyes-20-ex-russian-a320-slots

Jet Airways eyes 20 ex-Russian A320 slots

12.07.2022

Jet Airways is planning to dry-lease around twenty A320 Family aircraft, including both ceo and neo generation units, by 2024, mostly using slots previously assigned to Russian airlines, India's Business Standard has reported.

The Press Trust of India revealed earlier that the first eight to ten aircraft would arrive by the end of 2022 to facilitate the carrier's restart.

"Due to certain global conditions, there are some aircraft which have become available with lessors which would have been available otherwise. We are yet to make a decision on our fleet plan but intend to ramp up operations fast and want to fly international routes by 2024, which means we will have at least 21 aircraft by then," Chief Executive Sanjiv Kapoor said.

Jet Airways plans to launch and grow in the early phase exclusively using dry-leased aircraft and will not, in the short term, add aircraft directly from manufacturers. However, it is reportedly in talks about more aircraft, including A220s.

The carrier's potential decision to add A320s would be a clear break from its past as Jet Airways exclusively operated Boeing narrowbodies before its April 2019 grounding. Its only Airbus aircraft were A330-200s, although the carrier's widebody fleet also comprised B777-300(ER)s. The airline, now under new ownership, used a single B737-800, VT-SXE (msn 34802), for recertification but said that it would plan its fleet strategy from scratch without looking back to its past.
_________________
11000 posts (and counting) on Airliners-India.

The_Goat · Posted: Wed Jul 13, 2022 1:54 pm Post subject:

5Patel · Member Joined: 02 Oct 2014 Posts: 117

How many aircraft did the Russians order from Airbus?

Everyone is in the race to get the Russian slots including Air India.

747-237 · Posted: Tue Jul 19, 2022 3:04 pm Post subject:

https://www.moneycontrol.com/news/business/jet-airways-near-deal-to-buy-50-airbus-a220-jets-sources-8847251.html

Jet Airways near deal to buy 50 Airbus A220 jets: Sources

JULY 19, 2022

Jet Airways is near a deal to buy 50 A220 jets from Airbus, two people familiar with the matter said.

The airline's board was expected to meet on Monday to finalise the deal.

"We are in an advanced stage of discussions with lessors and OEMs (manufacturers) for aircraft, and we will announce our aircraft choice and fleet plans as we make our decisions," a spokesperson for Jet Airways said.

"As we have said before, we are studying all possibilities to find the one that works best for us."
_________________
11000 posts (and counting) on Airliners-India.

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

The_Goat · Posted: Thu Jul 21, 2022 5:11 pm Post subject:

747-237 · Posted: Fri Jul 29, 2022 4:59 am Post subject:

https://www.ch-aviation.com/portal/news/117862-indias-jet-airways-plans-late-3q22-relaunch-hits-snag

Jet Airways plans late 3Q22 relaunch, hits snag

28.07.2022

Jet Airways (9W, Mumbai Int'l) aims to relaunch commercial flight operations from September, sources have told the private news agency Indo-Asian News Service (IANS). But lenders led by the State Bank of India could push it into liquidation before it starts, according to a report in India’s Economic Times.

The carrier suspended operations in April 2019 amid severe financial turbulence, in particular its failure to pay for fuel and aircraft leases, but once it was recertified in May 2022 new owners - asset manager Kalrock Capital and businessman Murari Lal Jalan, collectively known as the Jalan Kalrock Consortium (JKC) - took over from a consortium of creditors. Since then, the new investors have stuck to a plan to relaunch operations in the third quarter of 2022.

Jet Airways now hopes to resume commercial operations in September with fresh funding of more than INR13 billion rupees (USD163 million) over the next couple of years, the sources close to the relaunch told IANS.

It is reportedly at an advanced stage in talks with lessors and manufacturers before finalising its choice of aircraft and fleet plans. It was reported last month that Jet Airways, previously mainly a Boeing customer, was close to selecting Airbus A320neo Family and A220 aircraft. One “high-level source” said it would not always be “a small or marginal airline but will grow-to-scale.”

On July 26, Jet Airways announced on Twitter that it was “inviting pilots who are current and type-rated on the A320 or B737NG or MAX aircraft to apply to join us in creating history as we prepare to relaunch India’s classiest airline.”

However, the airline could be pushed back into liquidation by lenders if the JKC refuses to distribute the proceeds from leased aircraft to the carrier’s former financing banks. Financial-sector sources told the Economic Times that the lease of its aircraft to Air Serbia (JU, Belgrade) had yielded about INR1.08 billion (USD13.8 million), although the amount is currently parked with the State Bank of India.

Despite a pledge to do so, the consortium has not yet paid creditors, the sources said, and a group of banks has warned it that they will apply for the liquidation of Jet Airways if funds for leases are not distributed to the verified creditors. The JKC has sought time until next week to make a decision. A resolution plan approved by the National Company Law Tribunal (NCLT) last year did not mention the distribution of any lease payments, resulting in the dispute.

Jet Airways and Air Serbia were both equity partners with Etihad Aviation Group under the Etihad Airways Partners alliance from October 2015 until it was disbanded in 2018 after several of its members declared bankruptcy. In 2016, for example, Air Serbia leased an A330-200 from Jet Airways for use on transatlantic flights. It remained in the Serbian flag carrier's fleet from May 2016 to April 2021 as YU-ARA (msn 885) and is now stored at Abu Dhabi Int'l.
_________________
11000 posts (and counting) on Airliners-India.

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

The_Goat · Posted: Sat Jul 30, 2022 2:14 pm Post subject:

747-237 · Posted: Sun Sep 04, 2022 8:22 am Post subject:

https://www.ch-aviation.com/portal/news/118998-clash-with-former-lenders-delays-jet-airways-aircraft-order

Clash with former lenders delays Jet Airways aircraft order

02.09.2022

Jet Airways (9W, Mumbai Int'l) is reportedly in advanced talks to order about fifty Airbus Canada A220 aircraft. But the Jalan-Kalrock consortium currently in the process of taking over the carrier cannot place an order until it obtains a no-objection certificate from its former financing banks, according to India’s Economic Times.

Led by the new management, Jet Airways has managed to avert liquidation proceedings by agreeing to transfer to the banks about INR1.3 billion rupees (USD16.3 million) received from the lease of its aircraft to Air Serbia, sources close to the matter told the newspaper on August 30.

It was reported in July that the lenders, led by the State Bank of India, could have pushed the airline back into liquidation if the consortium had refused to distribute the proceeds from the leases to them. The lease payments date back to when Jet Airways and Air Serbia were equity partners with Etihad Aviation Group under the Etihad Airways Partners alliance from 2015 to 2018.

The consortium has now offered the banks payments of INR3.8 billion (USD47.7 million) in instalments and a 9.5% stake in the airline, the sources claimed.

Dubai-based businessman of Indian origin Murari Lal Jalan and Florian Fritsch, chairman of the London-based financial advisory and alternative asset manager Kalrock Capital Management, won a bid to acquire the company last year, a deal approved by the National Company Law Tribunal (NCLT), and by July 2022 it was promising a relaunch of commercial flight operations from September. But it still needs the no-objection certificate before securing an aircraft order, the sources explained, adding that the lenders had promised this only after the consortium commits to a timeline for implementing a debt resolution plan.

A spokesman for the consortium denied that any such restrictions are holding it back, saying: “This is absolutely incorrect, and the NCLT process does not restrict us.”

He added: “Liabilities and timelines for the payment of liabilities of past lenders are fixed and have no relation to the new business Jet Airways is doing, including placing an aircraft order. The intent of the IBC [Insolvency and Bankruptcy Code] is to revive businesses, not restrict or liquidate them. A successful resolution applicant, that is Jalan-Kalrock Consortium, is free to make operational decisions or acquire new assets for the company’s revival, as per its business plan and needs and requirements.”

On August 31, Bloomberg News reported that Jet Airways was in advanced talks to order about fifty A220s, with its own anonymous insiders claiming deliveries would start in 2025. They did not say whether the planes would be purchased or leased and stressed that the deal is still being finalised.
_________________
11000 posts (and counting) on Airliners-India.

The_Goat · Posted: Wed Sep 07, 2022 2:31 pm Post subject:

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

747-237 · Posted: Mon Sep 19, 2022 10:54 am Post subject:

Jet Airways' first A320NEO is to be this airframe destined for S7 as OE-IBQ, but ntu due to sanctions. She is in the paint shop & will be delivered in full 9W colors and new VT regn.

_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Fri Sep 30, 2022 5:17 am Post subject:

_________________
11000 posts (and counting) on Airliners-India.

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

https://www.ch-aviation.com/portal/news/120184-indias-jet-airways-breaks-deadlock-with-lenders

While this is good news for Jet Airways, if I was a lender I will be skeptical. Jet Airways has yet make a payment to the lenders in installments. Until the first installment is paid, the lenders should not move forward with this deal.

747-237 · Posted: Thu Oct 13, 2022 12:20 pm Post subject:

https://www.ch-aviation.com/portal/news/120388-indias-jet-airways-eyes-a320neo-b737-max-report

Jet Airways eyes A320neo, B737 MAX - report

13.10.2022

Ahead of its planned relaunch, uncertainty continues to surround Jet Airways (9W, Mumbai Int'l) and its fleet plans. Late last week, the airline was forced to deny to the National Stock Exchange of India (NSE) that it has leased an A320-200N. Less than one week later, there are new reports that three A320neo and two B737-8s are earmarked to join the fleet.

According to a CNBC report, negotiations are underway to secure the five aircraft via operating leases. Jet Airways has already begun recruiting pilots and cabin crew for both aircraft types. A company spokesman declined to comment when contacted by ch-aviation.

Last week, Jet Airways moved to hose down speculation it has leased an A320neo from Irish lessor Avolon. In an October 6 filing to the NSE, company secretary Neeraj Manchanda said no final decisions had been reached regarding the airline's fleet and that no reliance should be placed on what the letter termed "speculation and reports."

The stock exchange had asked the airline to respond to the leasing claims, specifically concerning the A320neo formerly registered as OE-IBQ (msn 10546) that was recently spotted in the carrier's livery at Maastricht. That aircraft, owned by Avolon, was due to go to S7 Airlines (S7, Novosibirsk) but was never sent due to ongoing sanctions on Russia.

In reference to that aircraft, Manchanda wrote that "neither the company nor its authorised representatives have made any media or public statements in relation to future fleet of aircrafts or lease thereof." However, the letter also said that "merely taking/giving one or two aircrafts on lease by any airline (as per news reports), should not be considered as material and it will not have major impact on the business or the industry."
_________________
11000 posts (and counting) on Airliners-India.

747-237 · Posted: Thu Nov 17, 2022 5:50 am Post subject:

https://www.ch-aviation.com/portal/news/121524-indias-jet-airways-defers-aircraft-sale-as-losses-deepen

Jet Airways defers aircraft sale as losses deepen

16.11.2022

According to India's Economic Times, the Kalrock Capital-Murari Lal Jalan consortium attempting to complete the buyout of Jet Airways put out a call for bidders in August to acquire five B777-300(ER)s, three B737-800s, and three A330-200s, along with aircraft engine spares. According to the newspaper, around 12 potential buyers had expressed interest and conducted due diligence. The sale of the planes was approved in the resolution orders issued by the National Company Law Appellate Tribunal (NCLAT) in June 2021.

However, a Jet Airways monitoring committee meeting held on November 11 deferred the sale. The issue appears to be ongoing problems extracting cash from the consortium despite numerous promises and court orders to make good on certain payments. That includes a dispute over who is responsible for paying the INR2.75 billion (USD33.8 million) owed to Jet Airways' employee pension fund and a spat over which party will receive the funds from the proposed lease of three B777s to Air Serbia.
_________________
11000 posts (and counting) on Airliners-India.

iah87 · Member Joined: 17 Apr 2007 Posts: 2566

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/no-flight-plan-in-sight-jet-lenders-may-sell-11-aircraft/articleshow/95646123.cms

It may be the end of road for this version of Jet Airways. Unless there is another attempt, Jet 2.0 is probably gone. The lenders appear to have no confidence in the current investors, they want to cut their losses and sell the 11 aircraft.

The_Goat · Posted: Thu Jan 05, 2023 3:03 pm Post subject:

5Patel · Member Joined: 02 Oct 2014 Posts: 117

https://www.ndtv.com/india-news/jet-airways-ceo-designate-sanjiv-kapoor-quits-3988502

"Wish Them The Very Best": Jet Airways CEO-Designate Sanjiv Kapoor On Quitting

28.04.2023

Sanjiv Kapoor, the CEO-designate of Jet Airways, has left the company just a year after joining the grounded carrier. Mr Kapoor joined Jet Airways in April last year.

The consortium that is working to revive the airline said in a statement today it will oversee CEO-designate responsibilities until a suitable replacement is found.

The Jet Airways management committee in January asked Mr Kapoor not to use the title of CEO till the troubled airline's ownership was completely transferred to a consortium of lenders.

He continued as CEO-designate till he quit the airline.

Monday is his last working day, Jalan Kalrock Consortium (JKC) said in the statement today.

"I am proud to have been part of a fantastic team that came together with JKC to create history by reviving an airline for the first time in India. It is not an ordinary airline we set out to revive - it is Jet Airways, one of the most loved airlines in India for the last 25 years it operated before ceasing operations in 2019," Mr Kapoor said in the statement today.

"I am proud of the ground breaking business plan we put together and the progress we made, though regrettably the re-start of operations could not happen as planned in 2022. I am a firm believer in the tremendous value that can be created by full-service carriers such as Jet Airways following bankruptcy re-structuring, and I know JKC is fully committed towards the revival of Jet Airways and wish them the very best," he said.

In October 2020, the airline's committee of creditors approved a revival plan made by a consortium of Dubai-based Murari Lal Jalan and the Britain's Kalrock Capital, now called JKC.

The airline has not flown since April 2019 due to financial troubles.

"JKC remains fully committed to the revival of Jet Airways, and the Executive Committee of JKC will oversee CEO-designate responsibilities until a suitable replacement is in place," the consortium said in the statement.

747-237 · Posted: Mon May 22, 2023 5:00 pm Post subject:

https://www.ch-aviation.com/portal/news/127817-indias-jet-airways-loses-aoc-mass-executive-resignations

Jet Airways loses AOC, mass executive resignations

22.05.2023
Jet Airways is set to lose its air operator's certificate (AOC), with the current licence having lapsed on May 19, 2023, and the airline reportedly making no moves to extend it. India's Financial Express reports renewal requests are typically made 30 days before the licence expires, and this has not occurred. The Indian business daily suggests this means "JKCâ€™s plan to run Jet is as good as buried."

JKC, or the Jalan Kalrock Consortium, was approved to buy the insolvent airline in mid-2021, with the consortium agreeing to put fresh equity into the airline and pay a portion of the outstanding debts. However, ongoing disputes with creditors have stalled the purchase process. These disputes centre on payment obligations and timelines, with the consortium needing a so far unforthcoming release certificate signed by creditors to finalise the acquisition and relaunch the airline. Jet Airways stopped flying in April 2019 after it was unable to secure emergency funding of INR4 billion Indian rupees (USD48.4 million).

Holding a valid AOC enabled Jet Airways to restart operations. When it re-gained a 12-month licence last May, then CEO-designate Sanjiv Kapoor said he hoped to restart flights in the latter half of 2022. Last month, Kapoor resigned. It has now emerged Kapoor has taken up a role with Saudia (SV, Jeddah) where he will be an advisor to Ibrahim Al-Omar, the director general of the airline.

The Tribune newspaper is now reporting that P.P. Singh, vice-president of operations; Neeraj Manchanda, company secretary; Mark Turner, vice-president of in-flight services; Nakul Tuteja, vice-president of human resources and administration; H.R. Jagannath, vice-president of engineering; and Ronit Baugh, head of communications, have all also resigned.

Meanwhile, a six-month time limit to make good on a payment of INR1.85 billion (USD22.4 million) to creditors also expired on May 14. There is no word from either camp that any payment was made. In January, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered the payment with the defined timeframe. In exchange, the creditors would be required to issue the release certificate. In early May, Jet Airways filed another petition with the NCLT against creditors the State Bank of India, the Punjab National Bank, JC Flowers Asset Reconstruction (which acquired so-called "bad assets" from Jet Airways before its collapse), and Ashish Chhawchharia, the independent resolution professional on the Jet Airways management committee. A hearing is scheduled on June 6.

Separately, this week Jet Airways also reported a loss of INR540 million (USD6.5 million) for the quarter and year ended March 31, 2023, while its revenues for the quarter were INR124 million (USD1.5 million).
_________________
11000 posts (and counting) on Airliners-India.