The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways' assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra set aside the National Company Law Appellate Tribunal (NCLAT) decision upholding the resolution plan of Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
Jet Airways will operate flights with female cabin crew members in its start-up phase and hire male cabin crew members once it reaches a certain operational scale, the airline said on Sunday. It will be following the footsteps of Vistara, which had started hiring male cabin crew in March 2018, approximately three years after it was launched. Jet Airways, which has not flown since April 17, 2019, is currently in the process of re-launching operations under its new promoters Jalan-Kalrock Consortium. Aviation veteran Sanjiv Kapoor took charge as the chief executive officer of the airline on April 4.
The Enforcement Directorate late on Friday arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
In another development, SBI Capital Markets, which had issued the expressions of interest on April 8, extended the deadline for submission of initial bids to April 12.
The company has finalised a three year business plan to increase revenue and control costs.
A court in Mumbai on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office in Mumbai.
Jet Airways India, which recently acquired Sahara Airlines, may come out with a public offering in the domestic and/or international markets.
Even as the cloud of uncertainty hangs over Jet Airways' Executive Director Saroj Datta's future in the airline, the company announced on Tuesday the resignation of its Senior Vice-President N Hariharan and Vice-President (flight operations) Ritzerwan Bin Rashid. Rashid's resignation came into effect on May 15 2008. Rashid has been replaced by Declan Connolly.
As and when Jet Airways applies for slots, these would be allocated among all airlines according to guidelines, without any claim of historicity in favour of any airline. Slots would be given to Jet only from the available remaining pool.
Jet's advertising and that of most other airlines has been limited to new routes or promotional fares.
A European cargo airline has moved the National Company Law Tribunal seeking expeditious acquisition of three Jet Airways B777-300 aircraft. The application is by a Malta-based Ace Aviation VIII Limited, which emerged as a successful bidder in the auction of three Boeing 777-300ER aircraft. The firm is part of a Belgium-based cargo airline and its application will be heard on Wednesday.
The airline has paid the TDS but mostly after the scheduled date.
17,266,801 equity shares of Rs 10 each offer to be made through book-build process.
Pilots will strictly go by the roster and perform all "stabilised approach
All the airline's guests will travel on Thursday to Amsterdam in 15 buses and will be accommodated there in hotels.
A day after budget carrier SpiceJet announced fares starting at Rs 499 across its domestic network, Jet Airways too jumped on the bandwagon rolling out Rs 500 fares for the economy class on its domestic flights for a limited period.
Air India launched a short term 'SpringSale' of up to 50 per cent on all domestic sectors of its network, which is up for sale till Friday and valid for travel between February 21 and April 15.
After four-odd years of focusing on reducing debt, the series of deals with Etihad could finally get it out of the spiral.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
If that happens, Jet Airways will be the first bankrupt airline which will be revived under the Insolvency process.
'Where rostering systems are automated and duty time software interfaces directly with DGCA, the assertion that they suddenly discovered crew shortages is simply implausible.' 'If adequate crew planning hasn't materialised within 12 to 24 months from inception, how will 45 days -- from December 5 to February 12 -- suddenly resolve matters?'
Etihad said it declined to lodge an EoI to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities.
It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry.
The reduced fare offer is also available for travel on partner airline Etihad Airways flights
Jet is facing insolvency proceedings in the Netherlands as well where it was declared bankrupt after it failed to pay two European creditors.
More than 25 aircraft of Jet Airways has been grounded by lessors due to non-payment of lease rentals. The airline, which started the winter schedule with 103 planes, is now down to 83.
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
The 72-hour introductory joint special fare offer will be available from July 25 to July 27 for a travel period between September 1 and June 15, 2015 for flights within India and between September 1 and November 30 this year for flights to international destinations, the statements said.
The order came days after Goyal told the court that he had "lost every hope of life and it would be "better if he died in jail" than living in such a situation.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
Failure to meet this deadline would mean Jet would have to forfeit its security deposit. In March 2008, Jet Airways bought 3,44,000 sq mt of commercial plot for Rs 826 crore for developing its global headquarters in the central business district of Bandra-Kurla.
Airlines have to deal with high operating costs - fuel, taxation, airport charges - in a very competitive environment.
Speaking to Business Standard, Jet Executive Director Saroj Datta said: "SpiceJet and JetLite are an absolute fit in so far as their business models are concerned."
Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline
A special court in Mumbai on Monday rejected Jet Airways founder Naresh Goyal's applications seeking medical checkup by his personal doctor on regular basis and home-cooked food inside prison.
Jason Unsworth is the founder and CEO of Atmosphere Intercontinental Airlines, which would establish a new premium airline group in four different countries.
Another reason working in Air India's favour now is the government's plan to clean up part of the airline's burgeoning debt from its books - a major deterrent for investors when it attempted divestment the previous time.
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