Jet Airways' CEO-designate Sanjiv Kapoor has resigned from the post, sources told Moneycontrol on April 28. The aviation veteran had joined the airlines as its chief executive officer (CEO) in 2022.
Later, the Jalan Kalrock Consortium (JKC) confirmed that Kapoor is departing the company effective Monday, May 1, on the conclusion of his notice period. In the meantime, the executive committee of the consortium will oversee the responsibilities "until a suitable replacement is in place."
Kapoor’s resignation comes amid unresolved issues between lenders and Jalan-Kalrock consortium as the airline struggles to restart operations. However, JKC, in a statement added that remains "fully committed to the revival of Jet Airways."
Currently, the ownership transfer of the airline under the insolvency resolution plan is facing hurdles over differences between the winning bidder and lenders.
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Commenting on his resignation after completion of his notice period, Kapoor said, "I am proud to have been part of a fantastic team that came together with JKC to create history by reviving an airline for the first time in India. It is not an ordinary airline we set out to revive – it is Jet Airways was one of the most loved airlines in India for the last 25 years it operated before ceasing operations in 2019. I am proud of the ground-breaking business plan we put together and the progress we made though regrettably the re start of operations could not happen as planned in 2022."
"I am a firm believer in the tremendous value that can be created by full-service carriers such as Jet Airways following bankruptcy re-structuring, and I know JKC is fully committed towards the revival of Jet Airways and wish them the very best. Consumers in a market as large as India need a choice of full-service carriers, and I look forward to seeing Jet Airways back in the skies again soon!," he added.
Additionally, Ankit Jalan, Board Member - JKC, added,"JKC is grateful to Sanjiv for his contribution to the launch plans of Jet Airways during his time with us and we wish him the very best for his future endeavors. JKC will be announcing the new CEO for Jet Airways shortly. The revival of Jet Airways is through a Court Approved Process, which has taken more time than originally estimated by us, but needless to say JKC is committed to the revival of Jet Airways."
"We are in the last leg of closing the transfer of ownership of Jet Airways to JKC, subsequent to which we will settle outstanding amounts payable to previous creditors as per our approved Resolution Plan and shall, soon thereafter, recommence the commercial operations of Jet Airways as per our re-launch plans."
Earlier, Jet Airways had announced that Sanjiv Kapoor would remain the CEO-designate of the company till the airline's ownership was transferred to the consortium.
Jet Airways has been grounded since 2019 and a State Bank of India-led insolvency process hasn’t been able to reach a solution yet.
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. In June 2021, the consortium's bid was approved under the insolvency resolution process. However, the implementation of the plan is getting delayed.
Once-storied carrier, Jet Airways shuttered operations in April 2019.
Kapoor had joined Jet Airways as CEO on April 4, 2022, after a stint at the Oberoi Group as President. He had also worked at Vistara and SpiceJet in the past.
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