Jalan-Kalrock Consortium, the winning bidder for bankrupt Jet Airways, on Monday said aviation regulator the Directorate General of Civil Aviation (DGCA) has renewed the airline’s air operator certificate.
Cash-strapped Jet Airways stopped flying from April 17, 2019. The Air Operator Certificate (AOC) was re-issued on May 20, 2022. However, since the airline did not start operations, AOC expired on May 19, 2023.
In a statement, the Jalan-Kalrock Consortium (JKC) said it has “successfully obtained renewal for AOC of Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28, 2023”.
The renewal of AOC revalidates the confidence of the Indian aviation regulator in the revival of Jet Airways, it added.
JKC emerged as the winning bidder for the grounded Jet Airways after an insolvency resolution process. However, the ownership transfer to JKC is yet to happen amid persisting differences between JKC and the lenders of the airline.
According to the statement, JKC remains fully dedicated to the revival of Jet Airways and is committed to implementing a comprehensive strategy to ensure the airline’s success.
“JKC will continue to work closely with all relevant authorities, industry partners, and stakeholders in reviving Jet Airways in coming weeks,” it added.
In early morning trade, shares of Jet Airways jumped nearly 5 per cent to Rs 50.80 on BSE.
Last week, JKC announced the appointment of Jatinderpal Singh Dhillon the airline’s accountable manager.
Earlier this month, two whole time directors and a non-executive director were appointed at Jet Airways.
(With PTI inputs)