DGCA renews airport operator certificate of Jet Airways, revival progresses

In a significant development, the Directorate General of Civil Aviation (DGCA) has renewed the air operator certificate (AOC) of Jet Airways. This move comes as a major step towards the revival of the airline, which has been awaited by aviation enthusiasts and travellers alike.

The renewal of the AOC was confirmed by the Jalan-Kalrock Consortium in an official statement, expressing their heartfelt gratitude to the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders who have shown unwavering faith in their efforts to resurrect Jet Airways. The consortium, which is leading the revival efforts, remains fully dedicated to the airline's success and is committed to implementing a comprehensive strategy to achieve it.

Under the framework of the Insolvency and Bankruptcy Code, Jet Airways is currently undergoing revival proceedings, in line with the resolution plan approved by the National Company Law Tribunal (NCLT). The ownership transfer of Jet Airways to the Jalan-Kalrock consortium was authorized by the NCLT in January, paving the way for the revival process to commence.

Jet Airways holds the distinction of being the first airline in the history of Indian aviation to be revived under its original name after experiencing a prolonged grounding period. The NCLT's approval of the resolution plan submitted by the Jalan-Kalrock consortium in 2021 set the stage for this ambitious revival project.

The consortium, composed of prominent individuals, includes UAE-based non-resident Indian, Murari Lal Jalan, who will hold shares in Jet Airways personally, and Florian Fritsch, who will hold shares through his investment holding company, Kalrock Capital Partners Ltd, Cayman.

Jet Airways, once a prominent player in the Indian aviation industry, had ceased operations in April 2019 due to financial woes. However, the path to ownership transfer and subsequent revival faced hurdles arising from differences between the lenders and the consortium. With the DGCA's renewal of the AOC, a significant milestone has been achieved, bolstering hopes for the airline's return to the skies.

As the revival process gains momentum, the Jalan-Kalrock Consortium vows to maintain close collaboration with all relevant authorities, industry partners, and stakeholders to ensure the successful reestablishment of Jet Airways.

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