Jet Airway’s winning bidder, the Jalan-Kalrock Consortium, clarified today that the designation of Sanjiv Kapoor is CEO-Designate, following a mail sent by the NCLT-appointed Resolution Professional (RP) Ashish Chhawchharia asking the airline to refrain calling Kapoor as its CEO.
Chhawchharia’s mail was a result of another mail sent to the RP seeking clarification over the precise designation of Kapoor. Kapoor was appointed CEO of Jet Airways by JKC in March last year for revival of the troubled airline. But since the process of handing over management control of Jet Airways is yet to be completed, it gave rise to the questions regarding Kapoor’s designation at the airline.
“Sanijv Kapoor has been designated as the CEO of the to-be revived Jet Airways by JKC after receipt of his Security Clearance from the Hon’ble Ministry of Civil Aviation, Government of India. However, until the ownership of Jet Airways is transferred to JKC, he remains CEO-Designate. His mandate is to lead ‘Jet 2.0’ post-handover, and he has been focused on the preparation for that,” a spokesperson of JKC said.
JKC dragged the lenders of the erstwhile Jet Airways to the National Company Law Tribunal (NCLT) following their refusal to hand over management control of the airline despite fulfilling each of the conditions precedent, as per claims of JKC. Counsels of both the sides have argued at length at the NCLT since the past several weeks. The NCLT is expected to deliver its judgement later this month.
Kapoor, a US citizen, took over the post at Jet Airways on April 4 after briefly working at Oberoi Hotels & Resorts as its President. Prior to that Kapoor was Chief Commercial Officer of Vistara and Chief Operating Officer of SpiceJet.