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.
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
Paramount Airways claims to have a break even, as other Indian carriers are facing losses.
A consortium - comprising Imperial Capital, Flight Simulation Technique Centre, and Big Charter - have placed a bid for Jet, while the other consortium is led by Kalorck Capital.
Currently, Etihad has 24 per cent shareholding in Jet Airways
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
This will enhance business and leisure travel between the UAE and Canada and feed passengers onto each other's flight networks.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
The company is offering a million tickets at 25% discount, valid for travel between June 15-October 15
British Airways covers over 150 destinations in 75 countries while in India the carrier operates 49 flights a week from London's Heathrow airport to Mumbai, New Delhi, Chennai, Bengaluru and Hyderabad.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
The carrier had failed to provide accurate information on a tarmac delay.
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 company's chief operating officer Capt Hameed Ali will be the acting CEO.
The bureaucrat has alleged that another Indian family was also offloaded as they offered biscuits to the child to console him.
The Doha-based airline operates across 145 business and leisure destinations spanning over the Middle East, Asia Pacific, Africa, North America and South America with a fleet of 139 aircraft.
Jet said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.
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.
A Kathmandu-bound Jet Airways flight with 111 people on board was on Monday halted minutes before take-off from the IGI Airport in New Delhi after a bomb threat.
A Dubai-bound Jet Airways flight from Mumbai with 54 passengers and 7 crew onboard was on Thursday diverted to Oman capital Muscat following a bomb threat where it landed safely.
Jet Airways scrip on Thursday ended nearly 11 per cent higher after the company announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore.
India will require 1,740 planes over the next 20 years.
Jet's advertising and that of most other airlines has been limited to new routes or promotional fares.
Jet Airways -- which has been flying for 25 years - on Friday described reports that the airline cannot fly beyond 60 days as "incorrect and malicious" as well as denied any talks of stake sale.
The daily flights will be operated by a Boeing 777-200 in a three class configuration offering, flat beds in Club World, World Traveller plus and World Traveller seats.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
The Delhi high court on Friday directed the civil aviation regulator to deregister planes leased to Go First within five working days, giving respite to the lessors. This means that the airline will have to give back all 54 aircraft to the lessors if its resolution professional (RP) does not challenge the order or ask for a stay. Justice Tara Vitasta Ganju also refused the request of the RP, represented by advocate Diwakar Maheshwari, to keep the operation of the order in abeyance for a week to enable them to file an appeal before the division Bench of the court.
The incident took place this Monday, when the aircraft was in over the Iran-Pakistan airspace, and was 2.45 hours away from its destination, an airline source said on Wednesday.
Airline denies sacking, says it is recruiting to meet its operational needs
The Boeing website lists the price of a Boeing 737-800 aircraft at $90.5 million.
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.
The government is examining alleged financial irregularities, sources of funding and other aspects of Jet Airways, the Lok Sabha was informed on Friday.
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.
On September 6, the airline informed senior employees that their salaries would be paid in two instalments till November.
The airline has been laying off cabin crew starting from April 30 and 30-50 employees are being given pink slips almost on a daily basis, an industry source said.
It dismissed reports suggesting a stake sale as 'baseless'.
Jet Airways on Tuesday launched its online booking facility with e-ticketing enabling passengers to book tickets to any of its destinations in India on the Internet.
Discounted tickets of Jet Airways are available for sale till Thursday
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
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