NEW DELHI: Nearly three years after it was grounded, Jet Airways has overcome all the hurdles to spread wings again, as the airline on Friday received air operator certificate (AOC) from regulator DGCA. The Jalan-Kalrock Consortium, the new owners of the airline, has fulfilled all the conditions under the NCLT-approved resolution plan.
The revalidation of AOC enables Jet Airways, which went bankrupt and stopped flying nearly three years ago, to resume its scheduled commercial operations in India. The airline’s comeback is a rare feat in the global aviation industry.
The new management will recommence operations in the next quarter of this year (July-September 2022) and the airline said its aircraft and fleet plan, network, product and customer value proposition, loyalty program, and other details will be unveiled in the coming weeks. Before it suspended operations in April 2019, Jet flew to over 65 destinations in India and across the world with 124 aircraft.
Grant of the AOC came after the airline successfully conducted a number of proving flights between May 15-17, with key DGCA officials on board. Jet’s revival comes at a time when aviation industry is recovering from the havoc caused by the covid pandemic and rising jet fuel prices.
Add to it, competition in this space is expected to soar with the deep-pocketed Tata’s, after Air India acquisition, is eyeing to raise its market share and billionaire investor Rakesh Jhunjhunwala-backed Akasa Air is expected to make its maiden flight in coming months. “There is a need for an airline that is simply not a clone of other airlines, but actually offers something that is different,” said CEO Sanjiv Kapoor.
From dead end to turnaround
April 2019 Cash starved Jet airways suspends operations
June 2019 SBI-led consortium files for insolvency in the NCLT
October 2020 Committee of creditors approves Jalan-Karlock consortium’s resolution plan
June 2021 NCLT approves the resolution plan
June 2021 Jet Airways cannot have historical right over slots, said NCLT
January 2022 Reports say Jet Airways acting
CEO Captain Sudhir Gaur has resigned, raising concerns of revival
March 2022 Jet Airways appoints industry veteran Sanjiv Kapoor as CEO
May 2022 Jet completes proving flights, receives its air operator certificate (AOC)