Jet Airways revival has run into rough weather!

What has happened to Jet since it was shut down? ● Once India's biggest private airline, Jet ceased flying in April 2019 after it ran out of cash. It was taken to bankruptcy court by creditors owed about Rs 18,000 crore ($2 billion).

● A restructuring plan was approved by the National Company Law Tribunal (NCLT) in June and Jet was set to resume operations by the first quarter of 2022 under its new owners.

● However, disagreements between the new owners, a consortium including London-based Kalrock Capital and UAE-based businessman Murari Lal Jala, and its lenders risks derailing Jet's recovery

What has Jet Airways itself said on the issue? ● A spokesperson for Jet's owners said in a statement on Monday that the resolution plan was binding upon all involved parties and was approved by the bankruptcy court.

● " We are "working closely" with the erstwhile lenders of Jet to implement this plan, and remain "fully committed" to getting Jet Airways off the ground," it added.

What do Jet’s creditors want? ● Jet's creditors believe it needs around Rs 1,000 crore of capital to run its operations in full but it has not managed to bring that amount to the table, the report further said. 

● Officials at Jet however say the airline has fulfilled all the prerequisites of the resolution plan and the committee of creditors has also undertaken due diligence on the Jalan-Kalrock consortium's ability to inject funds.

● The Rs 1,000 crore is to be injected over two years with Rs 270 crore to be paid more immediately to banks and other creditors.

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