NEW DELHI: A final decision on reviving Jet Airways could come this month.
The National Company Law Tribunal (NCLT) has directed representatives of the aviation ministry and the Directorate General of Civil Aviation (DGCA) to be present for a hearing on the matter on Tuesday so that “no future uncertainty would remain in case the (revival) plan is approved.”
The NCLT will on January 25 hear the application filed by Punjab National Bank challenging the decision of the resolution professional.
While the committee of creditors (CoC) has approved the revival plan for grounded-since-April 2019 Jet Airways last year, the NCLT’s final nod is awaited.
A two-member NCLT bench had last Friday (Jan 8) passed an order in the resolution plan case: “The learned counsel submits that it will be appropriate to issue notice to the DGCA and ministry of civil aviation so that the matter can be heard in their presence and no future uncertainty would remain in case the plan is approved. The applicant is accordingly directed to issue notice to the DGCA and aviation ministry to be present during hearing so that the matter can be heard and decided in their presence on January 12, 2021, for hearing.”
The CoC had last year approved a bid by Jalan-Kalrock consortium to revive the airline. The consortia had in a statement on December 7, 2020, said Jet 2.0 will be launched as a full service carrier subject to regulatory approvals.
“As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations. If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the summer of 2021,” the December statement had said.
Like Jet 1.0, Delhi, Mumbai and Bengaluru will remain the hubs for the born-again airline.
“The revival plan proposes to support Tier 2 and Tier 3 cities by creating sub-hubs in such cities. This would boost the economy in these cities, help Jet Airways stand back on its feet fast, and support the overall vision of the Indian government to promote aviation business through tier 2/3 cities in India,” the consortia had added.
The airline will focus on cargo business also by having a “dedicated freighter service”.