India's Jet Airways to resume domestic operations in first quarter of 2022 (updated)

Jet Airways (India)

13/09/2021 07:12

(Adds details of the resolution plan, comment on fleet size)
    Sept 13 (Reuters) - Jet Airways  JET.NS  will resume
domestic operations by the first quarter of 2022, an investor
consortium, whose resolution plan was approved by India's
bankruptcy court earlier this year, said on Monday.
    Once India's biggest private carrier, Jet stopped flying in
April 2019 after running out of cash, owing billions to lenders
and leaving thousands without jobs.
    The defunct airline had said in June that the National
Company Law Tribunal (NCLT) approved a resolution plan submitted
by a consortium of London-based Kalrock Capital and UAE-based
businessman Murari Lal Jalan.  urn:newsml:reuters.com:*:nL3N2O42F1
    The bankruptcy court's go-ahead came several months after
Jet's creditors had given their approval in October last year to
the resolution plan submitted by the consortium.  urn:newsml:reuters.com:*:nL4N2H805S
    "Jet Airways 2.0 aims at restarting domestic operations by
Q1-2022, and short haul international operations by Q3/Q4 2022,"
Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium
and the proposed Non-Executive Chairman of Jet Airways said.
    Jet, which operated a fleet of more than 120 planes serving
dozens of domestic destinations and international hubs such as
Singapore, London and Dubai, said it has already hired over 150 
full-time employees and is looking to onboard another 1,000 
employees in FY 2021-22 across categories.
    Shares of Jet Airways hit their upper circuit and were
trading at 84.40 rupees a piece.
    

 (Reporting by Chandini Monnappa in Bengaluru; editing by
Uttaresh.V)
 ((Chandini.M@thomsonreuters.com; +918061822697;))