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Jet Airways News -- Part 15
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747-237
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PostPosted: Sat Jul 06, 2019 11:12 am    Post subject: Reply with quote

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/nclt-stalls-deregistration-of-jet-aircraft/articleshow/70094386.cms

NCLT stalls deregistration of Jet Aircraft

Jul 05, 2019

The bankruptcy court on Friday stalled deregistration of a Jet Airways aircraft by the aviation regulator, bringing some relief to the grounded airline currently undergoing insolvency proceedings.

Irish lessor Fleet Ireland Aircraft Lease had appealed for the deregistration of a Boeing 777 plane earlier this month, citing that the cash-strapped airline had defaulted on lease payments. The resolution professional for Jet Airways objected to it.

National Company Law Tribunal (NCLT) in its order said it would issue notices to the Directorate General of Civil Aviation and the lessor to appear before the court on July 19. Until then the deregistration would be stalled.

NCLT had in June admitted a plea from Jet's top lender State Bank of India on loan repayment defaults by the airline, and appointed Ashish Chhawchharia of Grant Thornton as resolution professional (RP) to carry out the insolvency process.

RP would take stock of all claims from Jet's creditors, including its employees who haven't been paid since January, and try to find it a new investor. That failing, the company would go into liquidation.

In his objection to Fleet Irelandís appeal, the counsel for RP said deregistering one aircraft would encourage other lessors to file similar applications. This would affect Jet's valuation. Also, the airline needs to have at least five planes in its fleet to retain its flying permit. Jet currently has 14 planes in its fleet, down from its peak fleet size of 124 last December.

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747-237
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PostPosted: Wed Jul 10, 2019 8:09 am    Post subject: Reply with quote

Two more former Jet Airways A330-300s, VT-JWR & VT-JWU have been ferried out of DEL today.
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747-237
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PostPosted: Thu Jul 18, 2019 9:21 pm    Post subject: Reply with quote

747-237 wrote:
One of the former Jet Airways 777-300ER, VT-JEQ (& VT-JEJ before that) parked at BOM, has now received new (Austrian) registration as OE-IIJ.

VT-JEJ -> To Gulf Air as VT-JEJ -> To Thai as HS-TKJ -> To Jet Airways as VT-JEQ -> To ? (after collapse) as OE-IIJ


VT-JEQ, now OE-IIJ, has finally been ferried out of BOM today.
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sumantra
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PostPosted: Thu Nov 14, 2019 6:30 pm    Post subject: Reply with quote

Hmm...JetPrivilege is now Intermiles.
https://www.intermiles.com/
Even the content is unchanged at most places, with the words `JetPrivilege' and Jet Airways still visible. The programme is still a lame duck.
Lipstick on a...
Cheers,
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The_Goat
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PostPosted: Sat Nov 16, 2019 4:06 pm    Post subject: Reply with quote

747-237 wrote:
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/nclt-stalls-deregistration-of-jet-aircraft/articleshow/70094386.cms

NCLT stalls deregistration of Jet Aircraft

Jul 05, 2019

The bankruptcy court on Friday stalled deregistration of a Jet Airways aircraft by the aviation regulator, bringing some relief to the grounded airline currently undergoing insolvency proceedings.

Irish lessor Fleet Ireland Aircraft Lease had appealed for the deregistration of a Boeing 777 plane earlier this month, citing that the cash-strapped airline had defaulted on lease payments. The resolution professional for Jet Airways objected to it.

.




'Relief' for an airline that is already dead and buried? What a bloody joke!

What do the clowns at the NCLT want? More rotting Jet Airways aircraft in India airports and even more foreign lessors avoiding Indian lessees like the plague?

Seriously, anyone thinking that Jet Airways will be back in the air in any shape or form needs psychiatric treatment.
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747-237
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PostPosted: Tue Jan 21, 2020 10:14 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/85442-klm-buys-jet-airways-dutch-assets-including-stranded-b777

KLM buys Jet Airways' Dutch assets, including stranded B777

21.01.2020 - 02:32 UTC

KLM Royal Dutch Airlines has agreed to acquire the Dutch assets of bankrupt Jet Airways, including a B777-300(ER) seized at Amsterdam Schiphol over unpaid debts, as well as slots at the airport.

"[Jet Airways] and a Dutch Trustee entered into a conditional sale & purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020, for the proposed resolution of business activities of the Company in the Netherlands as approved by the Committee of Creditors. The proposed resolution is subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws," Jet Airways' Resolution Professional Ashish Chhawchharia said in a stock market filing.

The Boeing widebody, VT-JEW (msn 35164), has been stored at Amsterdam Schiphol airport since April 10, 2019, after being impounded by cargo handler Worldwide Flight Services (WFS) citing Jet's unpaid debts.

KLM told Dutch online news website NU.nl that it will decide whether to induct the B777 into its own fleet or sell it after it has carried out the necessary checks. The Dutch flag carrier operates fourteen B777-300(ER)s, the ch-aviation fleets advanced module shows.

While the transaction covers airport slots at Amsterdam's notoriously congested Schipol hub airport, it will have to be confirmed by the Dutch airport slot coordinator, Airport Coordination Netherlands (ACNL). The Indian airline operated 4x daily to Amsterdam using three of its own slot pairs and one leased from KLM, its former commercial partner.

KLM said that it also acquired Jet Airways' office space in the Netherlands.

The value of the transaction was not disclosed but India's Business Standard daily cited sources saying it could fetch USD23 million for the creditors.

Jet's insolvency proceedings in the Netherlands are separate from its ongoing liquidation in India, where two prospective bidders - Synergy Aerospace and Prudent Asset Reconstruction Company - recently submitted Expressions of Interest (EOIs) to acquire the defunct airline.

Jet Airways continues to own a further six B777-300(ER)s. The aircraft are subject to a dispute with EXIM Bank (United States of America) which helped finance their acquisition. The airline's assets also include two A330-200s, two B737-800s, and one B737-900.

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The_Goat
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PostPosted: Sun Mar 08, 2020 9:35 pm    Post subject: Reply with quote

747-237 wrote:
747-237 wrote:
One of the former Jet Airways 777-300ER, VT-JEQ (& VT-JEJ before that) parked at BOM, has now received new (Austrian) registration as OE-IIJ.

VT-JEJ -> To Gulf Air as VT-JEJ -> To Thai as HS-TKJ -> To Jet Airways as VT-JEQ -> To ? (after collapse) as OE-IIJ


VT-JEQ, now OE-IIJ, has finally been ferried out of BOM today.


And OE-IIJ has been scrapped at Shannon. She was just 11 years old.

Crying shame that such a young aircraft belonging to such a popular pedigree couldn't get a longer life with an airline. Jet's maintenance seems to have been a pretty shoddy affair.
The more I think of Indian aviation, the more ashamed I feel. It seems to be an industry full of incompetent showoffs with little ability other than giving a fine excuse for all their problems.
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747-237
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PostPosted: Tue Mar 24, 2020 7:11 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/88052-jet-airways-liquidators-given-to-late-2q20-to-find-investor

Jet Airways' liquidators given to late 2Q20 to find investor

24.03.2020

The Indian National Company Law Tribunal (NCLT) has granted Jet Airways' resolution professionals another 90-day extension in which to find investors for the grounded carrier, The Economic Times has reported. The current and legally the last possible deadline falls on June 13, 2020.

The default deadline expired on March 15, 2020, 270 days after liquidation procedures began, with the creditors have given potential bidders only until March 10 to submit offers. As valid bids were submitted by that deadline, the creditors subsequently decided to request a deferral.

Considering the exceptional circumstances, the NCLT granted a 90-day extension rather than a standard 60-day one. However, no further extensions will be possible under law. Therefore, if no bidders emerge by mid-June, Jet Airways will have to be liquidated.

According to Indian media, three entities had expressed an interest in bidding for Jet Airways prior to the last deadline. Synergy Aerospace has been interested since the first, failed attempt to elicit bids in the second half of 2019, but remains cautious given the lack of clarity as to the ownership of Jet Airways' former slots and some of the airline's past liabilities. There is also Delhi-based Prudent ARC which is reportedly still trying to secure funding for its bid while the third bidder, the Russian Far East Development Fund, had eyed the relaunch of Jet Airways using SSJ 100/95 regional jets but reportedly lost interest once that proved unviable.

Jet Airways' total claimed debt amounts to INRR360.9 billion rupees (USD4.7 billion).

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PostPosted: Thu Apr 16, 2020 8:28 pm    Post subject: Reply with quote

Interesting graphic punlished by moneycontrol.com today.



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PostPosted: Tue May 12, 2020 6:23 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/90155-jet-airways-eyes-resumption-as-pandemic-cargo-specialist

Jet Airways eyes resumption as pandemic cargo specialist

11.05.2020

Liquidators of Jet Airways have applied to the Indian Ministry of Civil Aviation (MoCA) for a permit to use three of the defunct carrier's B777-300(ER)s as freighters, thus capitalising on increased demand for COVID-19 cargo capacity, The Hindu Business Line has reported.

The resolution professionals (RP) have already secured approval from the Committee of Creditors to reactivate three of Jet's Boeing widebodies. It is understood that the airline would not reconfigure the B777s as makeshift dedicated freighters but rather use them in their existing passenger configuration.

In April, Indian regulators, in the interests of preserving supply chains and allow for the transport of vital medical equipment, granted carriers blanket approval to use their passenger aircraft to transport cargo. So far, Air India, SpiceJet, IndiGo Airlines, as well as other smaller airlines, have operated multiple cargo-only flights using their passenger aircraft.

"We would like to make use of the airworthiness advisory circular issued by Directorate General of Civil Aviation last month permitting the usage of passenger aircraft as cargo aircraft. All the approvals we had at the time when Jet was operational are in a dormant stage; we would request you to activate those approvals so that we can meet the DGCA's regulatory requirements," the resolution professionals wrote.

Jet Airways has been dormant since April 2019, when it suspended all operations citing inadequate capital reserves. Insolvency proceedings before the National Company Law Tribunal commenced in June that year and are still ongoing.

The company will remain under bankruptcy protection for the duration of the proceedings as the RPs are trying to find new investors. As such, while the bulk of Jet Airways' aircraft have been repossessed by lessors, the carrier continues to own two B737-800s, one B737-900, and six B777-300(ER)s, the ch-aviation fleets ownership module shows. The B777s are stored at Mumbai Int'l (three), Delhi Int'l (two), and San Bernardino (one) airports.

However, sources said that the Indian authorities have only responded that they will "consider" the request but were "not hopeful it would work". A full review is expected to take as much as a month. In addition, Jet Airways, which reportedly has near-zero cash reserves, would need to secure a fresh injection of capital from its creditors to cover start-up and operational costs before any revenue is generated from cargo-only operations.

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iah87
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PostPosted: Tue May 12, 2020 7:25 pm    Post subject: Reply with quote

It is time to put Jet out of its misery by distributing its remaining aircraft assets to the creditors before those assets lose even more value, in fact they should have sold the assets earlier this year and now with current pandemic the aircraft's value has been diminished.

I am surprised that they have still 9 aircraft, although the stored number shows only 6.

No point in starting cargo only operations now when there are other carriers in India already doing that.
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PostPosted: Wed May 13, 2020 12:58 pm    Post subject: Reply with quote

iah87 wrote:
It is time to put Jet out of its misery by distributing its remaining aircraft assets to the creditors before those assets lose even more value, in fact they should have sold the assets earlier this year and now with current pandemic the aircraft's value has been diminished.

I am surprised that they have still 9 aircraft, although the stored number shows only 6.

No point in starting cargo only operations now when there are other carriers in India already doing that.


Most of their stored planes are 777s, which are in a terrible state of maintenance if reports are to be believed. A 11 year old ex-9W 77W was scrapped recently.

I doubt the ex-9W 77Ws are in a condition to fly even cargo, even though the added capacity would be welcome in times like these. There is not much air cargo capacity available in India, which is really a crying shame for a country of that size. Come an emergency, and it is the IAF planes that have to rush to the country's rescue. Even the likes of UAE and Qatar have more air cargo capacity than India does.
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iah87
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PostPosted: Thu May 14, 2020 9:45 pm    Post subject: Reply with quote

You may be right, if these aircraft can be used for dedicated international cargo, it might work, but not as Jet airways, since the carrier has severe liabilities, and it will be difficult to restart the airline, even as cargo only.

May be one of the existing Indian carriers can use it as cargo if the aircraft can be refurbished. Only carriers which already have 777 are Air India and may be Vistara (in the future). Not sure if Indigo wants to operate wide bodies, so that leaves Vistara and Spice Jet's cargo subsidiary. Between Vistara and Spice Express, probably go with Spice as Vistara is still struggling with international passenger services. With AI's status uncertain, doubt if AI wants to start cargo services now.
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