The CEO-designate of Jet Airways, Sanjiv Kapoor, has resigned from the position and is currently serving his notice period. His last working day as the airline’s CEO-designate will be May 1, 2023. His resignation comes after various senior employees of the company have already quit.
The CEO-Designate of Jet Airways, Sanjiv Kapoor, has quit the airline. The resignation was announced in an official statement which further added that May 1, 2023 will be his last day in office. Sanjiv Kapoor was appointed the Chief Executive Officer (CEO) of Jet Airways on April 4, 2022.
The Jalan Kalrock Consortium (JKC) announced on Friday that Sanjiv Kapoor will be stepping down from the role of CEO effective from May 1 after serving his notice period. Jet Airways had announced earlier this year that Sanjiv Kapoor will remain the CEO-designate until the ownership of the company is successfully transferred to the consortium of Murari Lal Jalan and Kalrock Capital.
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Jet Airways is facing multiple hurdles
The company is already facing various challenges regarding the transfer of the company under the insolvency resolution plan. The challenges have risen due to differences between the winning bidders and lenders.
Dubai-based Murari Lal Jalan and UK-based Karock Capital had provided their plans for the revival of the airline in 2020. The plan was approved by the Committee of Creditors in late 2020 and the Consortium’s bid was settled upon under that insolvency resolution plan in June 2021.
The agreed upon plan still hasn’t seen the light of day. The National Company Law Tribunal ruled in favour of the UK-based consortium and the company was instructed to pay Rs.180 Cr to the airline’s previous creditors and Rs. 250 Cr to its past employees within 180 days.
The deadline to make the payment is on May 14, 2023, but there hasn’t been a single payment made by the consortium.
Apart from Sanjiv Kapoor, other senior employees including the Chief Security Officer, accountable manager, head of flight operations, director of training, director of flight safety and the company secretary have also resigned from their respective positions.
JKC expressed their gratitude for Sanjiv Kapoor in the official press release
The Jalan Kalrock Consortium (JKC) said in an official statement that the consortium will remain fully committed to the revival of Jet Airways, and the Executive Committee of the consortium will oversee CEO-designate responsibilities “until a suitable replacement is in place.”
A Board member of JKC further added that Kapoor joined the airline at a critical time when the company was looking forward to get back on its feet and re-start the commercial operations of the airline.
The board member continued that JKC is thankful for Sanjiv Kapoor’s contribution to the launch plans of the airline.
After the official press release, Sanjiv Kapoor released his own personal statement stating that he is proud to have worked with a team that worked hard to bring back an airline from the brink of death, a first of its kind of revival in India.
He further added, “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!”
Jet Airways had closed operations back in 2019. Since 2020, the airline is looking forward to making a comeback and restarting commercial operations.