Sanjiv Kapoor, who was appointed as the CEO-Designate of Jet Airways in August 2022, has resigned from the position. Kapoor had been slated to take over the reins of the airline, which has been grounded since April 2019 due to financial troubles. Jet Airways had earlier said that Kapoor would take charge as the CEO of the airline once it resumed operations. However, with Kapoor’s resignation, the future of Jet Airways remains uncertain. The airline is currently undergoing insolvency proceedings and is in the process of being revived under the ownership of a consortium of investors.
Jet Airways was once one of India’s largest airlines, but it has been struggling with financial troubles for several years now. The airline was grounded in April 2019 due to a cash crunch and mounting debt. Since then, the airline has been undergoing insolvency proceedings, and there have been several attempts to revive it.
In August 2022, Jet Airways announced the appointment of Sanjiv Kapoor as the CEO-Designate of the airline. Kapoor was a former senior executive at SpiceJet and Vistara, and he was expected to lead the revival of Jet Airways once the airline resumed operations.
However, on April 27, 2023, Kapoor announced his resignation from the position of CEO-Designate. In a statement, he cited personal reasons for his decision to step down. Kapoor’s resignation comes at a critical time for Jet Airways, which is still in the process of being revived under the ownership of a consortium of investors.
The consortium had submitted a revival plan for Jet Airways in December 2022, which was approved by the National Company Law Tribunal (NCLT) in January 2023. The plan involves an investment of around Rs 2,700 crore and aims to restart Jet Airways’ operations by the end of 2023.
However, the revival plan is still facing some challenges, including a legal dispute with the airline’s former owner, Naresh Goyal. Goyal has filed a petition in the Delhi High Court challenging the revival plan, claiming that his rights as a shareholder and promoter of the airline have been violated.
The future of Jet Airways remains uncertain, but the consortium of investors has said that it is committed to reviving the airline and making it profitable once again.
