The appointment followed the resignation of Nikos Kardassis on June 7 after he served two terms as CEO between 1993-1999 and again from October 2009 till May 2013.
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India's largest private airline, which went bankrupt in 2019. Over the past three years, the airline went through an insolvency process under which JKC's resolution plan was approved by a committee of creditors (lenders) and the National Company Law Tribunal (NCLT) in October 2020 and June 2021, respectively. But this didn't mean an end to the problems.
Jet-Etihad deal documents among those leaked: CBI
Jet Airways offers a huge packages toward arrears to pilots.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
Jet Airways' engineers, pilots and senior management have not been paid for January and February, besides 87.5 per cent of their December salary is also due.
The Supreme Court collegium headed by Chief Justice D Y Chandrachud on Thursday recommended the transfer of seven high court judges to different high courts in the country.
The IRP has admitted 33 claims from banks worth Rs 8,462 crore, and is verifying Rs 15,044-crore claims from operational creditors and staff.
Abu Dhabi-based Etihad Airlines has agreed to halve the number of directors on the Jet Airways Board to two posts under the Rs 2,058 crore deal, giving the Indian promoters 'effective control' of the carrier.
The airline has been defaulting on salaries for some time, making partial payments in some cases or not paying at all, as it continues to lose money mainly in domestic routes where it can't raise fares facing competition from low-cost airlines.
Under the resolution plan, the lenders would end up having a sizable portion of shares in the airline, if their boards of directors agree to convert part of their debt into equity.
The only two truly successful private airlines in India - Jet Airways and IndiGo - have been set up and run by people who knew the ins and outs of the trade well before they took to the skies.
Jet Airways requires at least 200 more pilots to carry out its operations in a seamless manner
The ministry of corporate affairs has raised questions on Etihad's rights to nominate three directors on the board and, despite being a minority shareholder in the company, decide on the vice-chairman.
The proposal will now be considered by the Cabinet Committee on Economic Affairs.
Jet Airways on Thursday said it would introduce more flights on both its domestic and international networks.
While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
Independent directors were supposed to safeguard the interest of all stakeholders.
Air India, SpiceJet, IndiGo and AirAsia India ready to fill in the gap.
The airline owes lakhs of rupees to passengers and its vendors.
The interim funding has not been forthcoming thus far, and as a result Jet has extended cancellation of international operations until April 18.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
Etihad's acquisition of 24 per cent stake in Jet Airways was the first FDI in an Indian carrier by a foreign airline.
Total revenue dropped to Rs 5,406 crore in the first quarter of the current financial year from Rs 5,508 crore in the same period a year ago
The next FIPB meeting slated for July 5, however, does not have a Jet proposal on its agenda.
Domestic airlines witnessed 10 per cent rise in sales in 2014.
Private airlines Jet Airways and IndiGo joined the race for low-fares, offering their customers hefty discounts, after Air India rolled out a similar offer to challenge Vistara, the latest full-service entrant in the domestic market.
Six of these aircraft are currently on lease to Etihad Airways, set to start returning to Jetair's fleet in June
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
The move will help Jet Airways strengthen its subsidiary JetLite's performance.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
"The central government had rescued other businesses by re-structuring debts to the tune of Rs 30,000-40,000 crore. Compared to this, the amount (debt) of Jet Airways was much smaller. Moreover there was a resolution (accepted) by the lenders to save jobs and to save the airline," Sharma said.
Likely to rake up the issue of open offer exemption.
A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
The airline has already decided to lease out an A330 to Etihad and plans to lease out two more this year.
It offers fares as low as Rs 1,499 for a one-way journey.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
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