Guys, I just found this story by fluke: http://business.in.com/article/big-b...j-class/2492/2.

Quite detailed about how it transpired - not that I agree with it...

This quote is scary:

"To start with, Jet shifted six ATRs and two Boeing 737s, which were already all-economy, to the new brand. And almost instantaneously, Goyal’s team knew they had a winner. The market began to respond as if it had been waiting for it. The patronage came not just from individual fliers. Even corporate customers, who had their own cost-saving to implement, had begun to shop for lower fares, says Raj Sivakumar, Jet’s vice president for revenue management. "

But this one endorses my position:

"Almost every full service airline, be it British Airways’ Go or United Airlines’ Ted, has tried its hand at setting up a low cost model. Though the LCC recipe for success is well known, few full service airlines have been able to replicate it."

However, apparently they are successful at this, if you read the story, so we will have to deal with JetKonnect for a long, long time!!