Aviation
JET AIRWAYS IS COMING BACK as Creditors back plan to get India’s Jet Airways flying again
According to the Money control website The Kalrock Capital-Murari Jalan consortium winning the bid for Jet Airways as part of the resolution plan is just the beginning of many steps that are needed for the airline to re-start flying! While the news created buzz that this would be a second lease of life for the airline which suspended operations in April 2019, the road remains as tough as it has ever been…
The real question for the airline to get back will be money, planes and slots! With a debt of over Rs 8,000 crore – the first ask would be to restructure the debt and ensure that it is sustainable. Times have changed and even a cash-rich airline like IndiGo has resorted to sale and leaseback along with plans to raise money. Recovery is a few years away and while the 120 plus-aircraft airline couldn’t earn enough to service its debt obligations in the hay days, the going will be much tougher with a smaller fleet and challenging market condition.
Ashish Chhawchharia (Resolution Professional for Jet Airways) has given Notice to the Employees & Workmen of Jet Airways (India) Limited that
I am writing to communicate to you on the status of the corporate insolvency resolution
process (“CIRP”) of your beloved company- Jet Airways (India) Limited.
When I last communicated with you, the two (2) Resolution Plans were submitted for the
CoC members’ consideration on October 03, 2020 and following the provisions of the
Insolvency and Bankruptcy Code, 2016 (“IBC”), these Resolution Plans were put for
voting by the CoC members.
The voting lines closed on October 17, 2020 at 01.00 pm and the Resolution Plan
submitted by the Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch (“JalanKalrock plan”) has been duly approved by the CoC under section 30(4) of the Code as
the successful resolution plan.
As next step, I will be filing an application in accordance with section 30(6) of the Code
for approval of the Jalan-Kalrock plan by the Hon’ble NCLT after some necessary
formalities are completed. As and when the resolution plan is approved by the NCLT, the
process of the implementation of the plan shall be initiated by the successful applicant.
We are now one important step closer to a successful resolution and to make Jet Airways
fly again!
I shall keep you posted on the progress.
Approval Notices Click here
View Document click here
Aviation
Czech Republic Purchases Two Embraer C-390s Multi-Mission Planes
The Czech Ministry of Defense has officially signed a contract to acquire two Embraer C-390 Millennium multi-mission transport aircraft. This addition marks a significant step toward modernizing and enhancing the operational capabilities of the Czech Air Force.
The C-390s, designed to NATO standards, are versatile aircraft capable of undertaking a variety of missions. These include tactical transport of troops, vehicles, and equipment; medical evacuations; firefighting; disaster management; humanitarian assistance; and air-to-air refueling.
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This procurement not only bolsters the Czech Air Force’s capabilities but also provides a substantial boost to the local aerospace industry, increasing its involvement in the aircraft production program. Embraer will also deliver a comprehensive training and support package to facilitate the seamless integration of these aircraft into the Czech fleet.
Airbus Plans to Recruit 5,000 Direct Employees in India
The embraer c390 boasts impressive specifications, with a maximum payload capacity of 26 tons, a top speed of 470 knots, and cutting-edge technology that makes it a leader in its class. Its powerful engines, spacious cargo hold with a rear ramp, and durable landing gear equip it to tackle even the most challenging missions, including operations on unpaved runways.
Globally, the C-390 fleet has logged over 15,000 flight hours, showcasing an impressive mission capability rate of 93% and mission completion rates exceeding 99%. This track record underscores the aircraft’s reliability and effectiveness. c390 vs c130 Besides the Czech Republic, the C-390 has also been chosen by other NATO members, including the Netherlands, Hungary, and Portugal, as well as by Austria, Brazil, and South Korea.
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