Mumbai: Jet Airways CEO-designate Sanjiv Kapoor on Friday resigned a year after coming on board to revive the airline. He had joined the airline in April 2022 as Chief Executive Officer.
Amid the ongoing uncertainties, several senior executives have left the airline in recent months. Before Kapoor joined, Sudhir Gaur had stepped down as the interim CEO of Jet Airways. On 20 March, Kapoor said that the new management did not want to be “in a rush” to restart Jet Airways operations. Speaking at a conference in the national capital, he had also said that the journey is a marathon and not a sprint.
Airline 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’s certificate was revalidated by aviation safety regulator DGCA in May 2022, following which it announced its plans to start operations in September 2022, but the resumption has been 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 a consortium of Dubai-based Murari Lal Jalan and UK’s Kalrock Capital. The consortium’s bid was approved in June 2021 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 granted more time to the winning bidder to pay dues to creditors.
(With PTI inputs)