Sources said that Kapoor’s notice period ends on 30 April.
The airline has been grounded since 2019 and a State Bank of India-led insolvency process hasn’t been able to reach a solution yet.
After the National Company Law Tribunal (NCLT) ruled the case in favour of JKC, it was given 180 days to make payments of Rs 180 crore to the erstwhile creditors of the airline and Rs 250 crore to former employees. While May 14 is the last date to make the payments, the consortium has made no payments so far.
“This was the pre-condition of ownership transfer from banks to the new owners. But they haven’t made any payment. Lenders are considering moving Supreme Court to declare the resolution process as null and void,” said a person aware of the development adding that liquidation is the most likely possibility for the company now.
Additionally, the airline’s Air Operators Permit (AOP) will expire on 19 May and it doesn’t have an aircraft and multiple post holders as mandated by aviation regulator DGCA including a CEO. This is to demonstrate an airline’s capability to run scheduled operations with the required fleet and staff.
Sources said that the aircraft VT-SXE which Jet Airways previously used to complete the AOP process is defunct and lessors have repossessed engines due to non-payment.The January 13 order of the NCLT stated that JKC had fulfilled all the conditions precedent mentioned in the resolution plan, which paved the way for transfer of ownership of the airline from the lenders to the winning bidder.
In the past week, senior employees such as the company secretary, accountable manager and chief security officer have quit the grounded airline. Jet’s head of flight operations, director of flight safety and director of training had resigned a few months ago.
The Kalrock Capital-Murari Lal Jalan consortium won the bid for Jet Airways in October 2020. Jalan is a UAE-based entrepreneur, who owns the company MJ Developers, and has investments in the UAE, India, Russia and Uzbekistan.
Florian Fritsch is a German entrepreneur, investor and former racing driver. He is the founder and chairman of the FRITSCH Group, based in Vaduz, and of Kalrock, an investment firm with its headquarters in Zug.
