Sanjiv Kapoor to remain CEO-designate of Jet Airways-February 2024-www.financetom.com

Sanjiv Kapoor to remain CEO-designate of Jet Airways

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Sanjiv Kapoor to remain CEO-designate of Jet Airways

Jan 2, 2023 1:54 PM

Grounded carrier Jet Airways on Monday said Sanjiv Kapoor remains the CEO-designate of the company till the airline’s ownership is transferred to the consortium by the lenders.

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Earlier CNBCTV18 reported that the head of the Jet Airways management committee and erstwhile Resolution Professional Ashish Chhawchharia in a notice to Kapoor has asked him to refrain from using the title of CEO of the airline.

In October 2020, the airline’s committee of creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK’s Kalrock Capital.

Also read: Jet Airways revival plan takes an interesting turn even as uncertainty over relaunch continues

After the Insolvency resolution process in June 2021, Jalan-Kalrock Consortium (JKC) was declared the winning bidder for Jet Airways.

The consortium had in March last year announced the appointment of Kapoor as the CEO of the airline with effect from April 4, 2022.

"Sanjiv Kapoor has been designated as the CEO of the to-be revived Jet Airways by JKC after receipt of his security clearance from the Ministry of Civil Aviation, Government of India."

"However, until the ownership of Jet Airways is transferred to JKC, he remains CEO-designate. His mandate is to lead ’Jet 2.0’ post-handover, and he has been focused on the preparation for that," a JKC consortium spokesperson said in a statement.

Also read: A few senior management, pilots & cabin crew exit Jet Airways amid relaunch uncertainty

The airline’s air operator certificate was revalidated by aviation safety regulator DGCA in May this year following which it announced its plans to recommence operations in September 2022 but later pushed the relaunch date further.

The airline has not flown since April 2019 when it ceased all operations due to financial distress.

In late December, amid uncertainties around the recommencement of commercial operations, at least two key senior-level executives besides some pilots and cabin crew left the airline.

Also read: Goa slashes VAT on jet fuel to 8%

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