(TAN): Grounded Indian airline Jet Airways appears to have got a shot at revival with creditors approving a resolution plan, the country’s oldest private carrier said in a regulatory filing on October 17, reports said.
The approved resolution plan was submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
“For the past 18 months, the employees have endured great hardship and financial stress. But finally, we can see the light at the end of the tunnel. We hope the revival process is fast-tracked with the help of the government,” Business Standard quoted Amit Kelkar, vice-president of Jet Aircraft Maintenance Engineers Welfare Association, as saying.
Jet Airways’ employees have claimed dues amounting to INR 14.3 billion (USD 195 million) , of which INR 12.65 billion was reportedly admitted by the resolution professional.
“We are hopeful that our employees will get opportunities in the relaunched airline. We are very happy that Jet Airways will fly again,” the report quoted Nidhi Chaphekar, who represents the cabin crew union, as saying.
Jet Airways stopped operating flights in April 2019. It went into insolvency two months later. Many Indian flyers will also be keeping their fingers crossed about the revival of Jet Airways.
