With Jet Airways getting security clearance from the Ministry of Home Affairs, the airline has inched forward towards resuming its commercial services in the country in the next few months. The security clearance comes in wake of the proposed change in Jet Airways’ management control and shareholding pattern, for the scheduled operator permit.
What Is Security Clearance About?
A letter sent by the civil aviation ministry to the airline on May 6 informed it about the grant of the security clearance by the Union home ministry. The letter, which has been accessed by news agency PTI, said it is “directed to refer to your application…to convey security clearance for change in shareholding pattern of the company/firm, for scheduled operator permit, on the basis of security clearance received from the Ministry of Home Affairs”.
It, however, said the security clearance can be withdrawn at any time in the light of any adverse inputs, if so received from the Ministry of Home Affairs in the future.
When Jet Airways May Resume Commercial Operations?
Jet Airways has so far hired around 200 persons across functions for the upcoming operations. The operations are expected to start in the September 2022 quarter, according to the company’s spokesperson. “Jet Airways expects to start commercial operations in Q3 (third quarter) of this year, that is the July-September 2022 quarter,” a Jet Airways’ spokesperson has said.
The company recently conducted a 90-minute test flight taking off from Hyderabad airport and landing back there. Now, proving flights are scheduled for the coming days. Proving flights are operated as part of the process of getting an air operator certification (AOC) by an airline. In this case of Jet, it would mean the revalidation of the AOC.
Jet Airways’ Top Executives
Earlier this year, Jet Airways appointed veteran aviation executive Sanjiv Kapoor, who helped steer SpiceJet Ltd through a turbulent period, as the chief executive officer (CEO) of Jet Airways India Ltd. It also appointed former Sri Lankan Airlines CEO Vipula Gunatilleka as the chief financial officer (CFO).
Recently, Sanjiv Kapoor also posted his photo with Vipula on social media site Twitter, saying, “Our CFO Vipula and I celebrating the return of the @jetairways call-sign and aircraft to the skies today, a re-birth on Jet’s birthday.”
Jet Airways: Bankruptcy Case
The airline started on May 5, 1993. It operated its last commercial flight on April 18, 2019, as it collapsed under a pile of debt. Subsequently, after the bankruptcy proceedings, it was acquired by a consortium of UAE-based businessman Murari Jalan and the UK-based Kalrock Capital. The consortium committed to repaying USD 60 million of the airline’s existing dues.
Shares of Jet Airways on Monday were trading 4.97 per cent up at Rs 95.05 apiece on the BSE, compared with a fall of 381.43 points in the benchmark Sensex.
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