Jet Airways started its first flight in 1993. The company was first listed in the stock market in 2005. The company's aircraft have not been able to fly since April 2019. New Delhi. Despite all the efforts, finally another aviation company of the country has now closed forever. All the hopes of this company, which was once among the largest private airlines of India, ended after the order of the Supreme Court on Thursday. Earlier it seemed that by the end of the year 2024, the planes of this company would start appearing in the sky again, but this did not happen and now the order has come to close this company, which is called the 'Queen of the Sky', forever.
In fact, the Supreme Court on Thursday overturned the order of the National Company Law Tribunal (NCLT) and gave its decision to sell the assets of Jet Airways. Till now, efforts were going on to acquire this company by Jalan Kalrock Consortium and it was believed that this deal would be completed by December 2024. But, the bench led by the Chief Justice of the Supreme Court has ordered to repay the loan of the banks by selling the assets of the company.
Rajjet Airways was once known as the Indian 'Queen of the Skies'. In terms of luxury flights, it was far ahead of the then government airline Air India. You will be surprised to know that in the month of February 2016, the market share of this company had reached 21.2 percent. This means that 21.2 percent of India's air passengers used the services of this company only. This company used to operate 300 flights daily to 74 cities in the country and abroad and was named among the largest private airlines of the country. You can also guess the success of Jet Airways with more than 16 thousand employees in the year 2017. There were 16,015 employees associated with this company.
This company, started in the year 1992, listed itself in the stock market in 2005 and 2007. Earlier, by acquiring Sahara Group's Air Sahara, it became a powerful aviation company in the Indian domestic market. Jet Airways, known for its luxury facilities and services, could not face competition from airlines operating low-cost flights like SpiceJet and Indigo since 2016. Heavy competition started. Ultimately in 2017, the company came second in terms of market share and Indigo grabbed the first position. From here, the losses of Jet Airways started increasing, because this company continued to suffer losses in front of low-cost flights. The decline started from 2019. The series of losses that started from the beginning of 2017 had taken a terrible form by 2018.
Due to declining earnings of the company, it failed to repay the loan installments and finally it was declared bankrupt in April, 2019. The company's founder and promoter Naresh Goyal was put in jail and flights were stopped. After this, for 5 years many efforts were made to take the company back to the sky, but all failed. Now after the decision of the Supreme Court, Jet Airways will remain just history.
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