Jet Airways (India) Ltd. is an Indian International airline based in Mumbai founded in 1992. Due to financial distress and bankruptcy, the flights had been ceased in April 2019. The Company had around Rs. 8,000 Crore debt with the banks and public sector lenders. Now the company has fought a long battle to fly again and may fly by the end of this calendar year 2021. This can be proved to be one of the turnaround stories in International aviation.
The London-based company Kalrock Capital and UAE-based businessman Murari Lal Jalan together have come up with a new financial plan for Jet Airways and have been approved by the National Company Law Tribunal (NCLT) to fly again and both domestic and international will begin together. NCLT has given the time of 90 days to the Director-General of Civil Aviation and the Aviation Ministry to allot slots to the airlines.
The airlines had a history of domestic and international routes, but the routes have been unresolved yet as per the sources. After the 90 days period, the company will be able to give clarity on the restoration of routes previously allotted to them. They are only disappointed that proper routes have not yet been disclosed and hope that maximum routes through which they flew previously will be allotted.
They are planning to start with 20 narrow-bodied and 5 wide-bodied aircraft. It may not happen at a time but gradually they will incorporate the aircraft. They also spoke about the employees and they intend to get all the previously hired employees but it will happen gradually as said before.
The Jet Airways Company which had stopped due to bankruptcy is back to action after 2 years and says that once the plane is ready to fly the passengers will automatically be back. So they need not put in many efforts for pull back the passengers.