The Jalan Kalrock Consortium that won the bid to restart Jet Airways announced that its CEO-designate Sanjiv Kapoor had quit the company. The airline has been grounded since 2019 and a State Bank of India-led insolvency process has faced legal hurdles over disagreements between creditors and the JKC. After his departure, “the executive committee of JKC will oversee CEO-designate responsibilities until a suitable replacement is in place,” the consortium said in a statement.
The consortium had announced plans to re-start flight operations in the second quarter of 2022. The aircraft operator’s permit for Jet Airways is now set to expire on May 19. “The revival of Jet Airways is through a court approved process, which has taken more time than originally estimated by us, but needless to say JKC is committed to the revival of Jet Airways,” it added in the statement.
The consortium also said that it was in the last leg of closing the transfer of ownership of Jet Airways to JKC, following which it would settle outstanding amounts to previous creditors as per the approved resolution plan under the insolvency process and hoped to start flight operations after that.
