Jet Airways CEO-designate Sanjiv Kapoor quits

Jalan Kalrock Consortium (JKC) on Friday announced that Sanjiv Kapoor, Chief Executive Officer-designate for Jet Airways, is departing the company effective May 1, on the conclusion of his notice period.

He had joined the airline as the chief executive officer in April, last year. Monday will be his last working day in the company.

Jet Airways shuttered operations in April 2019 and later went into insolvency proceedings. Jalan Kalrock consortium had emerged as the winning bidder for the once-storied carrier under the insolvency resolution process.

Before Kapoor joined the company, Sudhir Gaur had quit as the interim CEO of Jet Airways. 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, PTI reported.

In a statement, 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, one of the most loved airlines in India for the last 25 years it operated before ceasing operations in 2019," Kapoor said in the statement today.

"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," he added.

With inputs from agencies