Sanjiv Kapoor, the CEO-designate of grounded airline Jet Airways has quit the company, making it the third senior executive exit this week.
This is a major blow to Jet Airways' revival. The airline had seen many senior level exits in the last few months. Just this week two management executives parted ways with the grounded airline. That's Accountable Manager PP Singh and Company Secretary Neeraj Manchanda who quit the airline this week.
Sanjiv Kapoor was the last remaining senior executive who was hoping to revive the airline back to its glory. Kapoor had joined Jet Airways in April 2022, and it's exactly one year after which he decided to give up.
There's no official comment from either Kapoor or the Jalan-Kalrock consortium but the reasons for his departure are quite obvious. The JKC doesn't have ownership of the airline even after months of back and forth with the lenders.
CNBC-TV18 had reported earlier that time is running out for the consortium with two deadlines approaching next month. The consortium has time till May 13 to make payments and if it fails, the lenders may even move the Supreme Court.
The other deadline is May 19 when the Air Operator's Certificate is due to expire. Renewing that license before the deadline is quite difficult with the airline having nothing to showcase it's flying capability.
The future already looked bleak for the full service carrier which had to suspend operations four years ago on April 17, 2019. And now with Sanjiv Kapoor's exit, the hope to fly again has faded even further.
First Published: Apr 28, 2023 6:58 PM IST
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