Jet Airways Is Ready To Fly Again; What Happened to Ticket Refunds? When Will You Receive Refund Credit?

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As you might be aware that last week the Directorate General of Civil Aviation (DGCA) of India revalidated the Air Operator Certificate (AOC) of Jet Airways and allowed the airline to resume its scheduled commercial operations in India.

It is worth mentioning that the airline conducted the second — and last — set of two proving flights on May 17 with 31 persons on board, including DGCA officials. To successfully complete its proving flights, the airline must complete five landings (five flights), which is the final stage before receiving the AOC.

As the carrier prepares to resume commercial flight operations, we’ve had a lot of questions about what will happen to refunds for flight tickets purchased before Jet Airways was grounded, and when the refund will be credited? and many more!

So we decided to answer all of your questions in one place and present you this detailed information about Jet Airways Refunds.

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Jet Airways Refunds

Refund

The revival plan presented by the consortium of UAE-based businessmen Murari Lal Jalan and London-based Kalrock Capital was accepted by the National Companies Law Tribunal (NCLT) in June 2021.

As per the approved plan and final orders by the bankruptcy court, the refund claims of 5081 customers were accepted by the Interim Resolution Professional of Jet Airways.

The claims for ticket refunds were a total of ₹3,120 crores. The airline has agreed to refund ₹2,028 crores of the total claims while rejecting ₹1,092 crores.

In addition, the court has ordered that a refund of up to ₹15,000 be granted for each claim. This means that claims up to ₹15,000 will be processed on actuals, while claims beyond ₹15,000 will be processed to a maximum of ₹15,000.

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Here is what the latest order said on ‘Operational Creditors classified as Ticket Refund’

The SRA contends that the Operational Creditors listed as “Ticket Refund” in the list of Creditors (a total of 5081 in number) must choose between a cash refund and credit for future tickets, but not both.

No claims for lost Jet Privilege Miles will be accepted. It is clarified that the liquidation value payable to ticket refund claimants would be paid in cash.

Cash Refund

  • For claims up to INR 15,000, a refund will be processed as per actuals.
  • For claims over ₹. 15,000, a refund will be processed to a maximum of INR 15,000.

Credit for Future Tickets

  • For claims up to INR 15,000, credit for future tickets will be provided as per actual admitted claim amounts.
  • For claims above INR 15,000, credit for future tickets will be provided subject to a maximum of INR 15,000.
  • Credit for future tickets will be issued in the form of redeemable vouchers in the multiples of INR 1,000/- (equivalent to INR 1,000 worth of credit for future tickets).
  • Vouchers will be transferable in nature (prior to issuance of any ticket). No tickets will be transferable in nature.
  • Vouchers can be redeemed against more than 1 (one) ticket.
  • Booking of tickets against redemption of such vouchers must be completed within 30 Days of the Corporate Debtor recommencing (Jet 2.0) its domestic operations.
  • Tickets can be availed during April – June Quarter and August – October Quarter in any sector where Jet 2.0 flies.

When will the refund amount be credited?

According to Jet Airways, the payment can be made by the 175th day after the “Effective Date” under the approved Resolution Plan.

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The “Effective Date” would be the date on which all of the requirements specified by the National Company Law Appellate Tribunal (NCLAT) were met. These conditions are as follows: These conditions are as follows:

  1. Validation of the corporate debtor’s AOP by the DGCA and the Ministry of Civil Aviation (MoCA).
  2. DGCA and MoCA business plan submission and approval.
  3. Slot allotment approval for DGCA and MoCA.
  4. International traffic rights clearance in accordance with applicable laws, and
  5. The scheme of demerger filed, as part of this Resolution Plan, shall have been approved under Applicable Laws.

“Once these approvals are received, Claimant/Creditors will be informed about the refund procedure and timescales,” Jet Airways said in a statement.

How to check Jet Airways Refund Claim?

As previously stated, Jet Airways accepted the refund claims of 5081 customers; if you want to know whether your refund claim was accepted or not, click the button below.


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