Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Friday said it has infused an additional Rs 100 crore in the airline as per the court-approved resolution plan. With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jey Airways, JKC (Jalan Kalrock Consortium) said in a statement. JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days.
The government is examining alleged financial irregularities, sources of funding and other aspects of Jet Airways, the Lok Sabha was informed on Friday.
Jet Airways requires at least 200 more pilots to carry out its operations in a seamless manner
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
The carrier had failed to provide accurate information on a tarmac delay.
With this, the total number of aircraft taken out of operations due to cash crunch in the airline and its subsequent failure to pay rentals to various lessors has gone up to 21 so far.
'The government has assured us support.' 'The civil aviation ministry have told us that whatever we need, we will get prime airport slots and bilateral rights.'
Jet Airways, which is preparing to relaunch operations next year, on Friday said it is in "advanced discussions" with Boeing and Airbus for buying and leasing planes. The grounded airline has been acquired by Murarilal Jalan-Kalrock Capital consortium under the insolvency resolution process. The ongoing discussions are part of the grounded airline's revival plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT), the airline said in a regulatory filing on Friday.
'Passengers of the Jet Airways flight will be entitled for compensation for discomfort and trauma, but it may not be Rs 2 million in this incident.'
Jet Airways HQ owner wants resolution professional to vacate premises. The licence for occupying the place has been terminated, on account of the airline having not paid the rent after March.
Inter-ministerial consultations are continuing on "some queries" sought by US authorities from India regarding allegations made against Jet Airways by an American firm of the same name, Lok Sabha was informed on Thursday.
The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy.
Jet Airways, the largest domestic airline, will merge its no-frills brands JetLite and Jet Konnect and operate under the brand name of the latter.
A Mangaluru-bound Jet Airways flight with 65 passengers and four crew members on board on Wednesday returned to the Bengaluru airport shortly after departure as smoke was detected in the cabin.
The airline now has a total of 1,120 pilots of whom 88 are foreign pilots.
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.
The sudden massive cancellations of Jet have put travel agents and customers in jeopardy
The Competition Commission on Thursday imposed Rs 1 crore fine on Abu Dhabi-based Etihad for non-disclosure of full information in the course of seeking approval for its purchase of 24 per cent stake in Jet Airways.
The flying licence of the two pilots was suspended and a probe launched into the accident.
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.
Jet Airways has been looking at various ways to raise funds amid acute liquidity crunch that has forced it to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers along with other senior staff.
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by an employee association of debt-ridden Jet Airways, challenging the sale of two floors of office space in Mumbai's business district of Bandra Kurla during the insolvency process of the grounded carrier. Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA had challenged the orders passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 11, 2021, allowing the sale of the office space for Rs 490 crore. The association had contended that the sale of BKC property, was not permissible under the Insolvency & Bankruptcy Code (IBC) as a moratorium was declared over the assets of the company after an order dated June 20, 2019.
IndiGo is facing acute shortage of commanders amid aggressive expansion of its fleet. The carrier has more than 210 planes in its fleet.
The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
DGCA has told the airline that only "air worthy" aircraft, which are completely fit for flying, should be used in operations.
The pilots and other senior staff have not been getting their full salaries since December.
Jalan Kalrock Consortium, the winning bidder for the grounded Jet Airways, will make a total cash infusion of Rs 1,375 crore in the airline and lenders will take a steep haircut on their admitted claims of over Rs 7,800 crore under the approved resolution plan. The National Company Law Tribunal (NCLT) on June 22, approved the consortium's resolution plan for Jet Airways, which has been undergoing insolvency resolution process since June 2019. The carrier shuttered operations in April 2019.
'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?'
Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility.
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.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
Jet-Sahara deal: HC asks govt for documents
The airline has also finalised its plans to lease out five of its Boeing 777-300 ER aircraft to a Turkish carrier, sources add. The airline has been able to negotiate a premium for the deal in a market where lease premiums have dropped.Domestic carriers are facing turbulent times because of the high crude prices and variable taxation on the air turbine fuel. The problem is now compounded because of a slump in the economy now.
Competition Commission has held on to its observation about Etihad gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24% stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.
Jet Airways Chairman Naresh Goyal will purchase over one per cent stake in the airline from another promoter entity, Tail Winds, for up to Rs 45 crore (Rs 450 million).
Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline
Jason Unsworth is the founder and CEO of Atmosphere Intercontinental Airlines, which would establish a new premium airline group in four different countries.
The guild, which claims to represent around 1,100 of the 1,600 Jet pilots, had earlier warned to go on strike from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31.
In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.
