Jet Airways: The final sunset of the flying sun
A chance lost to take the airline from troubles to the taxiway
Running an airline business is no easy task, especially in an economy like India, which is more prone to collapses and bankruptcies than its U.S. counterparts.
The latest to pull down the curtains was our famous ‘Jet Airways,’ founded by Mr. Naresh Goyal in 1993. The very first Indian carrier to become an epitome of luxury and sophistication, it first ceased operations in 2019 amidst mounting debts of INR 7,500 crores. The biggest jolt was experienced by the staff, whose careers were stalled beyond recovery.
Initially, it was thought that the carrier would soon resume operations, but as days passed, new facts and stories emerged about money laundering involving the founder himself. While Mr. Goyal was arrested by the ED in September 2023, he was granted medical bail in 2024. Even though the revival plans included lenders such as the State Bank of India (SBI) along with key investors from the consortium of Kalrock Capital, which took up the case with the National Company Law Tribunal (NCLT), the plans did not meet the deadlines.
On November 8, 2024, the airline traded for the last time on the Bombay Stock Exchange (BSE) after the Supreme Court ordered its liquidation. I had checked its value on the stock exchange just two days earlier, and soon, it was gone. What once soared the skies as an air-taxi before establishing itself as a premier service airline now lay defunct.
What I personally liked was their image of the ‘Yellow Rose’ on the ticket jackets and cabin baggage tags, along with their slogan, ‘The Joy of Flying.’ Nobody would have imagined that a top-class private carrier, deploying A330s and B777–300ERs on European, Gulf, and Southeast Asian sectors, would face such a turbulent end. But, on the other end, I was lucky enough to experience their onboard service just once. It was Kingfisher Airlines (another defunct premium Indian carrier with its unmistakable Kingfisher logo) and Jet Airways that set exceptional standards both on the ground and in the air.
Mergers and takeovers don’t often end well in the aviation industry, especially in a price-sensitive economy like India. India’s first Low-Cost Carrier (LCC), Air Deccan, created a so-called kraanti, giving the common person a chance to fly — a luxury that was still a big deal for a middle-class family. The airline thrived under the leadership of Capt. Gopinath until Kingfisher Airlines (IT) acquired it, later rebranding it as ‘Simplifly Deccan.’ Doom had already set in by then, and we all know the glamorous, never-ending story behind its collapse.
I am actually excited to share the names of the Indian carriers that began in early 1990’s , mid 2000’s and in 2022-2023
- East West Airlines — Ceased
- Modiluft — Ceased
- Damania Airways — Ceased
- Skyline NEPC — Ceased
- Archana Airways — Ceased
- Vayudoot (merged with Indian Airlines)
- Sahara Airlines (became Jetlite and ceased)
- Alliance Air (In operation)
- Indian Airlines (merged with Air-India)
- Kingfisher Airlines — Ceased
- Air Deccan — ( Post merger with Kingfisher Simplifly Deccan after and Ceased)
- Paramount Airways — Ceased
- Air Costa — Ceased
- TruJet — Ceased
- Jet Airways — Ceased
- Go First — Ceased
- Air-India (In operation under TATA SONS)
- Air-India Express ( In operation)
- Vistara (merged with Air-India on Nov 12, 2024)
- SpiceJet (In operation)
- IndiGo ( In operation)
- Fly91 (In operation)
- StarAir (In operation)
While India in the past had a long list of operators, financial crunches and defaulters played a role in their demise. It must be ensured that current airlines in operation follow and adhere to a financial reporting structure at fixed intervals, which would highlight potential issues that could hamper operations. It was a sad end indeed for aviation enthusiasts and the hardworking staff who had their memories associated with 9W, with a hope that shattered again in the Indian skies.
Who knows, we might see it in some other form someday!
— Pramod Sharma, Author
