Jet Airways

Page1-
1. Jet Airways was founded by Naresh goyal in 1991
2. Ja also operates two low cost airlines including jet lite and
JA connect
3. In April 2007, JA took over Air Sahara which was later on
renamed as Jet lite
4. JA introduced another low cost airline JA connect in may
2009

Page-2 9Daliy flights

1. Operates over 400 flights daily basis, as many as 44

destinations in India like Hyderabad, Delhi, goa Mumbai,
Kolkata, Amritsar etc.
2. It operates daily international flights and destinations like
Hong Kong, Kuala lumpur, Bangkok, London, New York
etc.

Page3-Challenges faced by JA
 High cost of the aviation turbine fuel, in the first half
year of 2008
 Prices of crude being to raise again and will play
major role in profitability of aviation industry
 The global economic downturn which lead to a back
fall in the demand for air travel and intense pressure
on yields

Bankruptcy and cessation of services[edit]

As of November 2018, Jet Airways has been reported
to have a negative financial outlook due to increasing
losses. In March 2019 it was reported that nearly a
fourth of Jet Airways' aircraft were grounded due to
unpaid lease rates.[73] On 25 March 2019, Mr. Naresh
Goyal and his wife Anitha Goyal stepped down from the
board of directors.[citation needed]
On 5 April, Indian Oil Corporation stopped supplying
fuel to the airline, citing non-payment of dues as the
emergency funds have still not been credited.[74] On 17
April, the airline suspended all flight operations, due to
lenders rejecting Rs 4 billion of emergency
funding[75] and its membership in the International Air
Transport Association (IATA) was suspended.[76] On 17
June, after getting no acceptable offers from Etihad
Airways and Hinduja Group, lenders to Jet Airways
decided to refer the company to National Company Law
Tribunal (NCLT) for bankruptcy proceedings with debt
of $1.2 billion.[77][78]
As the group faces insolvency proceedings in the
Netherlands after failing to pay two creditors, NCLAT
(National Company Law Appellate Tribunal) has allowed
cross-border insolvency proceedings stating that the
"Dutch Trustee (Administrator) will work in cooperation
with the 'Resolution Professional of India."[79]
In early 2020, Enso Group, tried to rescue the airline
with Russian Far East Development Fund, and
participated in talks for buying controlling stake in it
from its committee of creditors(CoC), but talks fell
through

Growth and expansion[edit]

In January 2006, Jet Airways announced its intention to
acquire Air Sahara for US$500 million in an all-cash
deal; however, the deal fell through in June 2006.
[34]
 On 12 April 2007, the deal was back on track with
Jet Airways agreeing to pay ₹14.5
billion (US$190 million).[35] On 16 April 2007, Air
Sahara was renamed as JetLite and was marketed
between a low-cost carrier and a full-service airline.
[36]
 JetLite became a wholly owned subsidiary of Jet
Airways.[37] In August 2008, Jet Airways announced its
plans to integrate JetLite into Jet Airways.[38] In October
2008, Jet Airways laid off 1,900 of its employees, who
were later re-instated due to intervention from the
Ministry of Civil Aviation.[39][40] In October 2008, Jet
Airways entered into an alliance with rival Kingfisher
Airlines for code-sharing on domestic and international
flights, collaboration on frequent-flyer program and
sharing crew and ground handling equipment.[41] On 8
May 2009, Jet Airways launched another low-cost
brand, Jet Konnect.[36][42] It operated a fleet of Boeing
737 Next Generation and ATR 72 aircraft and operated
on profitable short-haul routes with higher passenger
load factors
Restart[edit]
India's Jet Airways will resume flights in the first
quarter of F.Y. 2022-23 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.
[82]
 Following this, on 22 June 2021, the NCLT approved
the resolution put forward by Kalrock-Jalan consortium.
[83]
 In an oral order, the NCLT has given 90 days to the
Ministry of Civil Aviation and the Directorate General of
Civil Aviation for allotting airport slots to Jet Airways.
[84]
 Jet Airways-II could take to the skies next summer
as a full service domestic airline with a fleet of six
aircraft.