Jet Airways hits the roof after DGCA reissues AOC

Jet Airways (India) was locked in 5% upper circuit at Rs 118.95 after the DGCA re-issued the the air operator certificate (AOC) to the company on 20 May 2022.

In an exchange filing made after market hours on Friday, the company said that the the air operator certificate (AOC) of the company has been re-issued by the Directorate General of Civil Aviation (DGCA) to perform commercial air operations.

Separately, the company said that its board will meet on Thursday, 26 May 2022, to consider and approve the audited standalone financial results of the company for the quarter and financial year ended 31 March 2022, along with auditors' report.

The scrip extended gains for second consecutive session. The stock has added 10.19% in two sessions.

Jet Airways is debt-ridden non-operational airline company. The airline had grounded its operations in April 2019, after it ran out of money to meet its debt repayment obligations. It was admitted for insolvency on 20 June 2019, after lenders failed to sell the grounded airline.

In October 2020, the Committee of Creditors (CoC) of Jet Airways had approved the resolution plan submitted by a consortium of UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

The National NCLT in June last year had approved Murari Lal Jalan led Jalan Kalrock Consortium's resolution plan for Jet Airways, two years after the once-storied full-service carrier went into insolvency proceedings.

The company had reported a net loss of Rs 104.19 crore in Q3 FY22 as against a net loss of Rs 44.09 crore in Q3 FY21. Revenue in the third quarter was Rs 10.58 as compared with Rs 9.54 crore recorded in the same period last year.

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