The consortium attempting to buy Jet Airways (JAI, Mumbai International) says it has sufficient funds to relaunch the grounded airline and has moved to fill some board vacancies, although it is still without a CEO.
The Jalan Kalrock Consortium (JKC) also says that it has enough cash at hand to pay all creditors, per the terms of the original resolution plan. That plan, approved by the National Company Law Tribunal in June 2021, involved JKC paying creditors caught up in the 2019 insolvency INR4.35 billion Indian rupees (USD53.1 million), but has since been subjected to numerous legal challenges, holding up the payments process, ownership handover, and any restart.
The Hindu Business Line, reporting on the latest developments, says former employees still waiting to be paid their promised entitlements are skeptical, given the consortium's history of failing to deliver on promised payments.
Meanwhile, after a series of high-profile resignations from JKC's executive ranks earlier this year, including the departure of CEO-Designate Sanjiv Kapoor in April, the consortium has moved to fill some of the vacant positions. Last week, it announced the appointment of Sundaram Ramesh as Jet Airways' new chief financial officer and board member. In addition, JKC has appointed Gautam Acharya as an executive director and Rajesh Prasad as a non-executive director. However, the consortium is yet to announce a replacement for the well-regarded Kapoor.
