Business & Economy

India’s Jet Airways receives approval to fly again after 3-year hiatus

New Delhi, May 20 (EFE).- India’s Jet Airlines on Friday received the green light from authorities to fly commercial flights again, after stopping operations in 2019 due to not being able to refinance its debt and declaring bankruptcy.

“Jet Airways today received its revalidated Air Operator Certificate from the Directorate General of Civil Aviation, Ministry of Civil Aviation,” the company said in a statement Friday, adding that this would allow it to “resume its scheduled commercial operations in India.”

The authorities’ approval comes after Jet Airways “successfully” carried out a series of test flights this week.

The airline said that it aims to resume commercial operations between July and September this year, making a return with “fresh funding, changed ownership and new management.”

Jet Airways had been one of India’s oldest and most important airlines before it suspended operations in April 2019, when a consortium of lenders headed by the State Bank of India rejected its funding request.

The airline’s debt had climbed up to over 80 billion rupees (over $1 billion) when it declared bankruptcy, after being crippled by lack of liquidity and growing liabilities towards suppliers.

The firm had been owned by chairman and founder Naresh Goyal, until he was removed in 2019 as part of a bailout plan which ultimately did not materialize.

In 2020, Jet Airways was acquired by a consortium formed by United Arab Emirates-based businessman Murari Jalan and British firm Kalrock Capital. EFE


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