Mumbai: Jet Airways CEO-Designate Sanjiv Kapoor resigned on Friday, a little over a year after coming on board in order to revive the airline. He had joined the airline as the Chief Executive Officer in April 2022.
Amid continuing uncertainties, many senior executives have quit the airline in recent months. Prior to the joining of Kapoor, Sudhir Gaur had quit as the interim CEO of Jet Airways. On March 20, Kapoor said the new management does not want to be “in a rush” to restart the operations of Jet Airways. Speaking at a conference in the national capital, he had also said the journey is a marathon and not a sprint.
Airline’s ownership transfer yet to happen
The once-storied carrier stopped flying in April 2019 and later the Jalan-Kalrock consortium emerged as the winning bidder through an insolvency resolution process, but the ownership transfer is yet to happen. Amid continuing differences between the lenders and the consortium, the ownership of the airline is yet to be transferred to the winning bidder.
The airline’s air operator certificate was revalidated by aviation safety regulator DGCA in May 2022, following which it announced its plans to recommence operations in September 2022, but the relaunch was delayed.
Airline’s Committee of Creditors approves revival plan
In October 2020, the airline’s Committee of Creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK’s Kalrock Capital. In June 2021, the consortium’s bid was approved under the insolvency resolution process.
In January this year, the National Company Law Tribunal (NCLT) approved the transfer of ownership of bankrupt Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors.
(With PTI inputs)
Latest Business News