Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
'Boeing has returned some cash to the airline which will help it improve the current liquidity crisis.'
An overriding ambition to rule the domestic skies prevented Jet Airways from becoming a strong and formidable player in the international market. The Sahara buy added to the complexity of its operations and a dilution of what the airline stood for, says Anjuli Bhargava.
For Jet's revival, Mr Jalan should be on the scene long enough for everyone to get to know him, appreciate his skills, and not vanish into thin air within a matter of months or even weeks, observes Anjuli Bhargava.
The consortium of UAE-based businessman Murari Lal Jalan and UK-based private equity fund Kalrock Capital is rushing to restart Jet Airways' operations, even though differences have emerged over who will fund expenses before operations commence, sources said. The airline applied to the Directorate General of Civil Aviation (DGCA) for recertification of its air operator certificate in the last week of January. The regulator is likely to inspect the airline's preparedness to operate a flight in the middle of this month, after which it will be asked to operate a proving flight to demonstrate its ability to conduct flights safely and in accordance with rules.
The lenders are offering 31.2-75 per cent stake in the company on a fully diluted basis.
Currently bankers are trying to stave off bankruptcy even as media reports said Etihad Airways, which already owns 24 per cent in the airline, has teamed up with the Hindujas to buy the airline.
Jet Airways had appointed Ball as its CEO in May last year.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy.
Two associations representing pilots and engineers have written to SBI chairman Rajnish Kumar proposing that they would take over the airline and can bring in up to Rs 7,000 crore.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the BSE, helped by robust fag end buying.
Jet Airways requires at least 200 more pilots to carry out its operations in a seamless manner
A committee of creditors had, in October, approved of the resolution plan submitted by UAE businessman Murari Lal Jalan and Kalrock Capital.
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.
Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn his bid for the airline.
In the past, Qatar Airways has repeatedly expressed a desire to invest in IndiGo, the country's largest domestic airline.
According to the resolution plan, the airline is planning to start with six to seven aircraft on domestic routes and looking to restart international service within six months of resuming operations.
A part of the land, measuring 532 square metres, was rented out to a transport company and he used the rest of it as an approach road to enter a transport godown, Superintendent of Police Akash Tomar said.
The trails of mega-mergers, tailwinds of expanding fleets, flights and airports will dot the fast-growing Indian aviation firmament in 2025, though the dark clouds of supply chain woes will persist longer. Also, new airline takeoffs, the future trajectory of revised norms to tackle pilot fatigue and efforts to reduce carbon emissions will be on the radar.
Iran's ambassador to India, Iraj Ilahi, expressed concern about the stability and security of the "whole region" following the collapse of the Syrian government, highlighting Tehran's worries about the potential wider ramifications of the situation. Ilahi also emphasized the importance of promoting tourism between India and Iran, citing their shared cultural heritage and the recent easing of visa restrictions.
Some of its subsidiary airline JetLite's pilots have quit.
Sources involved in the bidding process confirmed that the entity had submitted a bid but expressed doubt over its acceptance
'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.'
The company has finalised a three year business plan to increase revenue and control costs.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
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.
A consortium of 26 lenders led by the SBI, with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors.
An expat pilot with Jet Airways hurled "racist" comments at and assaulted a woman and also abused a physically challenged person on a flight, cricketer Harbhajan Singh claimed.
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.
'I saw a passenger sitting next to me bleeding from nose'
Jet Airways on Wednesday said that it has raised the fuel surcharge on tickets by Rs 400 across all domestic sectors. The newly decided fares have been made applicable from June 17.
The move comes a day after an urgent meeting of lenders with Goyal and Etihad Airways chief executive officer Tony Douglas to resolve various issues between the two promoters as well as lenders and Etihad.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
As a part of Children's Day celebrations, Jet Airways operated its annual 'Flight of Fantasy' for over 80 underprivileged children.
The airline is also looking to expand its services to places like Kolkata, Madurai and Coimbatore.
The deal is being looked into by Competition Commission of India and Securities and Exchange Board of India among other regulators.
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.
