Subscription-based aviation start-up IndiaJets has announced the launch of its operations in India with an aircraft membership programme.
Based on the timeshare model, the platform is tailor-made for business owners and senior management professionals, offering them the benefits of a private aircraft at their disposal without having to own one, IndiaJets said in a statement.
IndiaJets is a brand owned and operated by Prive Avion Alliances Pvt Ltd. Prive Avion was founded by John Kuruvilla along with T.G.S. Gupta and Rajesh Rajan in October last year.
According to the platform, subscribers will have to buy the share size appropriate to the annual flight requirement for a fixed amount per month and per hour flown, without having to hire personnel, pay hangar rent or attend to the many other details inherent in whole aircraft ownership, including variable costs, it said.
The company said it has internally accrued a seed funding of $500,000 and currently operates a 6-seater business jet. The plans are to induct another 32 aircraft including medium-to-large jets over the next few years, it added.
In India, there are several challenges in air travel for businessmen in India. The high cost of aircraft ownership and monthly operations and maintenance are strong entry barriers, said John Kuruvilla, co-founder and CEO of IndiaJets.
“Flying private is the only solution and business leaders across the world are now doing so through fractional ownership, which offers the flexibility, convenience, privacy, tax- and time-saving benefits of aircraft ownership, without the attendant capital expense or management responsibilities,” he said.
Subscribers, according to him, can customise their itinerary, set their own schedules.
GoFirst
The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the insolvency resolution proceedings against crisis-hit airline Go First, derailing aircraft lessors’ efforts to take back their planes from the struggling Wadia group firm.
A two-member NCLAT bench directed aircraft lessors and the Interim Resolution Professional (IRP) of the Wadia group firm to approach the National Company Law Tribunal (NCLT) regarding the claim of possession and other respective claims relating to the aircraft whose leases were terminated by the lessors.
Jet Airways
In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium’s plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore.
The lenders of bankrupt Jet Airways and the consortium have been asked to cooperate with each other for the implementation of the resolution plan for the airline.
