DALLAS — The Jalan-Kalrock consortium (JKC), which took over Jet Airways (9W) in 2020, is looking to order 200 aircraft. This came amid the National Company Law Appellate Tribunal (NCLAT) refusing to halt the ownership transfer as summoned by the lenders.
Jet Airways is set to resume flights in the first quarter after its creditors approved a bid from entrepreneur Murari Lal Jalan and asset management firm Kalrock, which is part of the Fritsch Group, an investment group founded by serial real estate and tech entrepreneur Florian Fritsch. On 22 June 2021, the NCLT approved the resolution put forward by JKC.
The consortium is in talks with aircraft manufacturers. As briefed by Mint, a person familiar with the matter said JKC could likely place the order during the Paris Air show 2023, which is scheduled to take place between June 19 to 25.
The person told mint, “Jalan-Kalrock is in talks with aircraft OEMs (original equipment manufacturers) to order at least 200 planes of mix small, medium, and large narrow body jets at the Paris airshow in June for their growth plan for five years.”
On Twitter, the airline’s CEO Sanjiv Kapoor repeatedly said that they are fully prepared to restart the operations as they get the clearance from NCLT.
The owners are trying to tap into the opportunities they saw in metro and regional cities. The airline aims to capitalize on the strong demands post-pandemic like other Indian carriers.
Last week, the NCLAT declined to put a stay on ownership transfer to new owners. This allowed the JKC to execute its plans and revive the 9W, which has been grounded since April 2019. The bench stated that the lenders must move forward in executing the resolution plan without further wavering.
“The plan needs to be implemented as approved by the NCLT.”Justice Ashok Bhushan, Head of NCLAT bench hearing Jet Airways case
Indian Aviation Boom
Apart from 9W, there are various other Indian airlines either in talks or have placed orders for aircraft in three figures. This shows a strong recovery after the COVID-19 Pandemic in the Indian aviation industry.
Skeptics contend the AI’s announcement is hot air; it is not a firm order, and the country’s current airport infrastructure needs to expand to accommodate the number of aircraft presumably on the way.
Apart from this, IndiGo (6E), India’s largest airline, is in talks with manufacturers to place huge orders. They already have close to 500 aircraft orders that are yet to be delivered.
While India’s newest airline, Akasa Air (QP), is also in talks with global aircraft manufacturers and will likely place orders by the end of the year. The airline already placed an order for 72 Boeing 737 MAX jets in 2021.
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Feature Image: Jet Airways VT-JTH Boeing 737-8KN(WL). Photo: Alberto Cucini/Airways