The Bombay high court on Monday granted interim bail for two months on medical grounds to Jet Airways founder Naresh Goyal, who has been arrested by the Enforcement Directorate (ED) in a money laundering case. A single bench of Justice N J Jamadar said Goyal shall pay a surety of Rs 1 lakh and not leave Mumbai without prior permission from the trial court. "The applicant (Goyal) shall be released on interim bail for a period of two months. He shall abide by all conditions imposed," the bench said.
Jet Airways expects to return to profit in the next 18 months, following implementation of a new route network and fleet strategy and cost optimisation measures.
The Bombay high court on Thursday quashed the Enforcement Case Information Report' (ECIR) registered by the Enforcement Directorate against Jet Airways founder Naresh Goyal and his wife Anita Goyal in an alleged money laundering case. The central probe agency's ECIR was based on a First Information Report (FIR) registered by police against Goyals for alleged cheating and forgery on a complaint filed by Akbar Travels. After hearing both the sides, a division bench of Justices Revati Mohite Dere and Prithviraj Chavan quashed the ECIR registered on February 20, 2020 and all proceedings against Goyals on the ground of "being illegal and contrary" to law.
Wife Anita Goyal and one nominee of Etihad Airways PJSC would also step down from the board.
The aircraft was called back to the parking bay at the time of taxiing.
Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn his bid for the airline.
It couldn't be immediately ascertained whether he has partnered with any entity or airline for the bid.
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.
Etihad earns about 23 per cent of its passenger revenue from code-share and equity partners, and this would increase after its tie-up with Jet.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
Earlier when Goyal had moved court seeking permission to go abroad, the judge had observed that if he wanted to go abroad, he should first deposit Rs 18,000 crore as guarantee that his company owes to lenders.
State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
Anita would be additional director in a non-executive and non-independent role.
Move aims to comply with Sebi's norm
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