On 28th April 2023 (yesterday), Sanjiv Kapoor, the CEO Designate of Jet Airways, announced that he is quitting the airline. Mr. Kapoor will step down from the position on May 1.
Sanjiv Kapoor resigns from the airline after being with the company for a year. Kapoor joined the airline in April 2022. But let us see what Kalrock Jalan executive and Sanjiv Kapoor itself have to say about this unfortunate decision.
Kalrock Jalan Executive Comments
Ankit Jalan, a board member of JKC, expressed his gratitude to Sanjiv Kapoor for spearheading Jet Airways’s revival as the airline prepared to restart commercial operations after a gap of nearly two and a half years.
Jalan added that JKC would announce the new CEO for Jet Airways shortly and that the revival of Jet Airways was taking longer than initially estimated due to the Court Approved Process.
However, JKC remained committed to the revival of the airline and was in the final stages of closing the transfer of ownership of Jet Airways.
Once this was completed, outstanding amounts payable to previous creditors would be settled as per the approved Resolution Plan. The airline would soon recommence commercial operations as per its re-launch plans.
Jet Airways CEO Sanjiv Kapoor’s Thoughts
Sanjiv Kapoor stated that he is honored to have been part of an amazing team that joined hands with JKC to make history by reviving an airline for the first time in India.
It was no ordinary airline they intended to revive, it was Jet Airways, which was one of the most beloved airlines in India over the 25 years it was operational before it stopped working in 2019.
He expressed his pride in their innovative business plan and their progress. But unfortunately, the relaunch of operations could not happen as planned in 2022.
Sanjiv believes in the significant value that can be created by full-service carriers such as Jet Airways following bankruptcy restructuring. Subsequently, he knows that JKC is fully committed to the revival of Jet Airways.
He wishes them the best and looks forward to seeing Jet Airways back in the skies soon. Furthermore, consumers in a market as large as India require a range of full-service carriers.
Mr. Kapoor tweeted and said, “A team came together to create history, to do something that has never been done in India – revive a shuttered airline. The team was exceptional. The business plan is fantastic. JKC is doing its best and remains fully committed. I wish them the very best.”
He used the word team; that’s true; many executives have quit the airline. He further said that there is still hope for revival. If it made it to the skies, it would be the first time in Indian history that a defunct airline made a comeback.
Regarding Jet Airways
Jet Airways, established in 1993, was known for its premium air travel service for discerning travelers in India. Before suspending operations in April 2019, the airline operated over 124 narrow-body and wide-body aircraft, covering more than 65 destinations in India and worldwide.
The airline is now being resurrected under the Insolvency and Bankruptcy Code, in accordance with JKC’s National Company Law Tribunal (NCLT)-approved resolution plan.
Jet Airways will be the first airline in Indian aviation history to be resurrected under its original name after a long grounding. Well-funded and managed by experienced aviation professionals, the renewed Jet Airways will be India’s most customer-centric and digital-savvy airline.
It will be a “smart” full-service airline with a two-class cabin configuration, including a business class cabin that meets global standards and an evolved new-generation economy class that caters to current customer preferences.
Will Jet Airways fly again after CEO Sanjiv quits?
Jet Airways might see more hurdles as they get closer to restarting their operations. The airline core committee members have strong Business acumen in Aviation and Travel Industries. With this, we can expect Jet to return to the skies and stand up to its reputation.
Senior executives, including the Accountable manager, CEO, and other staff, have recently quit. There is larger uncertainty over the revival of jet airways.
Furthermore, due to unpaid dues, airline operations are getting delayed. Since September last year, the airline has not made any progress. The last press release for Jet was on the 5th of August. It is about ‘Jalan-Kalrock Consortium Selects IBS Software to Power Passenger Service, Booking, and Loyalty Systems for Jet Airways.’
Also, the Airbus A320neo, which was painted in Jet Airways livery, has reached its new home. The aircraft will now fly for Cebu Pacific as RP-C4157.
Despite facing many obstacles, Jet Airways have covered a lot of ground and are a few steps away from getting started. In addition, Jet Airways will be the first defunct airline to restart its operation in India.
It is difficult to say whether Jet will be back into the skies or will now be in archives. What do you think about it? Please let us know in the comments on our social media pages.
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