Home Travel Jet Airways CEO-Designate Sanjiv Kapoor quits; JKC says remains committed to airline revival, ET TravelWorld

Jet Airways CEO-Designate Sanjiv Kapoor quits; JKC says remains committed to airline revival, ET TravelWorld

by TopBusinessView

<p>In a statement on Friday, JKC said Kapoor is departing the company effective May 1 at the conclusion of his notice period</p>
In a statement on Friday, JKC said Kapoor is departing the company effective May 1 at the conclusion of his notice period

A little over a year after coming onboard to revive bankrupt-Jet Airways, CEO-Designate Sanjiv Kapoor has quit the airline even while its winning bidder Jalan Kalrock consortium asserted that it is committed to the airline’s revival. The resignation of Kapoor, which follows a string of senior executives quitting the grounded airline in recent months, is the latest air pocket faced by Jet Airways, which shuttered operations back in April 2019.

After flying for more than 25 years, the once-storied Jet Airways went into an insolvency resolution process and the Jalan Kalrock Consortium (JKC) emerged as the winning bidder. However, the ownership transfer process has been facing headwinds for long.

In a statement on Friday, JKC said Kapoor is departing the company effective May 1 at the conclusion of his notice period. A source said that Kapoor’s last working day at the grounded airline was Friday. He joined the airline as the Chief Executive Officer (CEO) in April 2022.

JKC said it remains fully committed to the revival of Jet Airways and its executive committee will oversee CEO-designate responsibilities until a suitable replacement is in place. Ankit Jalan, a Board Member of the consortium, said it will be announcing the new CEO for Jet Airways shortly.

“… Jet Airways was one of the most loved airlines in India for the last 25 years it operated before ceasing operations in 2019. I am proud of the ground-breaking business plan we put together and the progress we made though regrettably, the restart of operations could not happen as planned in 2022,” Kapoor said in the statement.

Amid continuing differences with the lenders that have delayed the ownership transfer, Jalan said JKC is in the last leg of closing the transfer. “The revival of Jet Airways is through a court-approved process, which has taken more time than originally estimated by us, but needless to say JKC is committed to the revival of Jet Airways.

“We are in the last leg of closing the transfer of ownership of Jet Airways to JKC, subsequent to which we will settle outstanding amounts payable to previous creditors as per our approved resolution plan and shall, soon thereafter, recommence the commercial operations of Jet Airways as per our re-launch plans,” Jalan said.

SpiceJet appoints Arun Kashyap as Chief Operating Officer

Kashyap will report to Ajay Singh, Chairman and Managing Director, SpiceJet in his new role. His appointment is effective June 12. This is his second stint at SpiceJet having previously served as Chief Program & Transformation Officer at the airline. Kashyap has previously worked with flydubai, Jet Airways and Oman Air as well.

On January 2, JKC said Kapoor will remain the CEO-designate of the company till the airline’s ownership is transferred to the consortium by the lenders.

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. Prior to 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.

“Consumers in a market as large as India need a choice of full-service carriers, and I look forward to seeing Jet Airways back in the skies again soon!” Kapoor said on Friday.

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.

Lufthansa to fly direct to Bengaluru, Hyderabad from India from November

Starting November, Lufthansa will start Munich-Bengaluru and Frankfurt-Hyderabad flights. According to Harry Hohmeister, Lufthansa Group’s Member of the Executive Board Global Markets & Network, the new routes will help the brand tap India’s growing population of young working professionals and strengthen the position of the airline as the leading European airline group in the subcontinent.

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.

The rulings had come on two petitions filed by the consortium. One plea pertained to the approval of the transfer of ownership, and the second one related to an extension of time for the payment of dues to the creditors.

  • Published On Apr 29, 2023 at 07:33 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETTravelWorld App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Related Posts

Leave a Comment

An online resource called TOP BUSINESS VIEW offers concise, in-depth, and clear articles about many fields. We are skilled in various areas, including fashion, business, food, technology, and health. Visit our website to see some truly fantastic content that will catch your attention. Contact us at topbusinessview@gmail.com

Edtior's Picks

Latest Articles