In a recent development, lenders to Jet Airways have requested the Jalan-Kalrock Consortium (JKC), the consortium leading the revival efforts for the grounded carrier, to present the crucial Air Operator Certificate (AOC) in the upcoming hearing at the National Company Law Appellate Tribunal (NCLAT). The AOC, a prerequisite for resuming flight operations, is a pivotal document in the airline’s journey towards revival.
Jet Airways, which hasn’t operated since April 17, 2019, saw its AOC revalidated by the Directorate General of Civil Aviation (DGCA) on May 20 of the previous year. However, concerns have been raised as the revalidated certificate expired on May 19, indicating challenges in the immediate resumption of commercial flights.
The DGCA extended the AOC for a month until September 3, but lenders are now urging Jet Airways to produce the flying permit to demonstrate a genuine intent for revival. The next hearing, scheduled for December 11, is expected to shed light on the airline’s progress.
Amidst these developments, the lenders have also raised questions about the financial source of payments made by JKC. Allegations have been made that the consortium’s compliance with the Resolution Plan is questionable, with concerns raised about the legitimacy of funds used for payments.
Despite JKC refuting these allegations, the lenders, led by the State Bank of India (SBI), have expressed apprehensions about the transparency of the consortium’s financial dealings. The resolution plan, approved by the NCLAT in August, outlined a payment schedule that has come under scrutiny.
As Jet Airways navigates these challenges in its revival journey, the aviation industry and stakeholders are closely watching the proceedings, eagerly anticipating the resolution of issues that stand in the way of the iconic airline’s comeback.