Earlier in the week, the Consortium asked the airline monitoring committee’s authorised representative Ashish Chhawcharia not to issue any communication on behalf of the grounded carrier without approval of all the members of the committee.
The latest development comes more than a week after Chhawchharia reportedly shot off a letter to Sanjiv Kapoor, asking him to refrain from using the title of CEO as he was only a CEO-designate.
The Latest: NCLT gives Jalan-Kalrock consortium 6 more months to pay & take control of Jet Airways
Here’s a brief timeline of the insolvency resolution process of Jet Airways, which started off as an air taxi operator in 1993 and became a scheduled carrier in 1995.
2018
May: In the first signs of trouble, Jet Airways posts Q4FY18 loss of Rs 1,036 crore, as against a net profit of Rs 602 crore in the same period a year earlier. This was the company’s first quarterly loss in 11 quarters.
May: Jet Airways’ net worth turns negative.
August 2: The first reports on the airline considering pay cuts surface.August 9: Jet Airways’ first quarter results get deferred as the board seeks more clarity from its auditors.
August 13: KPMG India affiliate BSR & Co refuses to sign on the first quarter results of Jet. The audit firm raises doubts over the airline’s ability to continue operations.
August 28: The airline reports a loss of Rs 1,323 crore in Q1FY19. Its fuel costs shoot up by 53%. The company starts a cost reduction programme that intends to save Rs 2,000 crore over two years.
September 19: Jet’s offices are raided by Income Tax officials.
September 20: 30 passengers on board its Mumbai-Jaipur flight complain of nose and ear bleeding after its crew fails to activate the aircraft’s internal pressure control.
October: Despite threats of ‘non-cooperation’ from pilots, the airline defers the payment of salaries.
October 4: Rating agency ICRA downgrades Jet Airways’ long-term borrowing programme.
October 18: Tatas carry out talks with Naresh Goyal for a possible investment in Jet Airways. But talks with Tatas and Delta Air Lines stall over Goyal’s future role. Prospective investors want Goyal to cede control.
October 19: Jet Airways starts curtailing daily operations. 13 planes are grounded.
November 16: Tata Sons’ board meet to discuss a proposal for Jet Airways. It insists on a no-compete clause from Naresh Goyal. Talks between two sides go slow.
November 19: Ten flights from Mumbai are cancelled. While reports say pilots refused to turn up on duty, the airline blames a “rostering” problem.
November 26: Naresh Goyal resumes talks with Etihad Airways, which already owns a 24% stake in Jet.
November 27: The airline promises its pilots that it will clear its dues by March 2019. But the pilots are not convinced.
December 2: More flights are cancelled as pilots call in sick.
December 3: The airline closes services across seven Gulf routes. Up to 40 flights a week are cancelled.
December 31: Jet Airways defaults on debt repayments for the first time.
2019
February 21: An EGM clears a banks-led resolution plan, including the fresh allotment of shares to lenders.
February 28: By now, Jet Airways is forced to ground about 50 of its aircraft.
March 25: Founder Naresh Goyal and wife Anita step down from the board of the airline.
April 8: Lenders call for expression of interest (EoI). In a twist Goyal also puts forward an EoI. Others including Etihad Airways, TPG Capital, Indigo Partners and NIIF also join the fray.
April 15: CEO Vinay Dube writes to banks for emergency funding of Rs 1,000 crore. But lenders don’t budge.
April 16: Goyal quits the race, but lenders refuse to give interim funds.
April 17: Jet Airways announce the temporary shutdown of its operations after lenders turn down a request for funds.
2020
March 13: Jet Airways seek more time for resolution process from NCLT after failing to attract any bidders
March 18: NCLT allows more time for resolution process
June 14: NCLT allows Jet Airways to sell its premises in Bandra Kurla Complex (BKC), Mumbai to settle claims, clear overseas debt
October 17: Committee of Creditors (CoC) approves Jalan Kalrock Consortium‘s resolution plan. The consortium also asks for restoration of slots on the basis of historicity
2021
February 25: NCLT grants more time to aviation regulator DGCA to respond to airline’s request for slots
March 9: DGCA and the civil aviation ministry refuses to give any assurances on slots in an affidavit submitted to NCLT
June 3: Ministry tells NCLT that Jet Airways does not qualify for grant of slots on the basis of historic precedence
June 22: National Company Law Tribunal (NCLT) approves Jalan Kalrock Consortium’s resolution plan; says slot allocations will be decided by the ministry or appropriate authority.
2022
August: Sanjiv Kapoor receives necessary security clearance from the civil aviation ministry to become CEO-designate for Jet Airways.
2023
January 13: NCLT gives Jalan-Kalrock consortium six more months to make payment and take over Jet Airways.
