However, while the capacity void in the domestic market has been filled, a vacuum still remains in international connectivity, especially on the India-Europe and onwards route, which was well connected by Jet Airways via the Boeing 777, Airbus A330 aircraft and its hubs in Paris and Amsterdam.
"We will not let this company go down and will not tolerate this casual talk to dismantle this company piece by piece and give it as doles to airlines of your choice," an open letter said.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
Jet is facing insolvency proceedings in the Netherlands as well where it was declared bankrupt after it failed to pay two European creditors.
Jet Airways is undergoing insolvency proceedings and at least three entities have put in initial bids for the carrier.
The inactivity of Go First may help other airlines in India's competitive market as it had a 7.8 per cent market share.
The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes.
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 Thursday directed the Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share portions of the resolution plan pertaining to claims of employees with the airline's workmen. The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction has come on a plea filed by the association. The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock consortium's resolution plan in June 2021.
The pilot-turned-airline owner and his partner Biraja Jena plan to launch FlyBig, which has secured 16 routes under the fourth phase of UDAN, the government's regional connectivity programme.
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.
Etihad said it declined to lodge an EoI to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities.
The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday.
Wife Anita Goyal and one nominee of Etihad Airways PJSC would also step down from the board.
US-based co-working operator WeWork, Lowe's India, SpiceJet and startups like CureFit stepped in to offer employment to the distressed workers at Jet.
Passengers holding confirmed RT tickets on Jet Airways will be allowed to avail special stranded passenger fares from the destinations common with Air India.
Jet Airways founder Naresh Goyal and few others have been booked by the Enforcement Directorate in a money laundering case even as the agency is conducting searches at his premises, officials said on Thursday. They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act after taking cognisance of a recent Mumbai Police FIR filed against him.
Earlier in the day, Jet Airways faced operational disruptions across major airports when IOC refused to refuel its planes without clearing the outstanding amount.
Did Sheena Bora board a Jet Airways flight on July 22, 2012, a full three months after her death in April 2012?
The aircraft was called back to the parking bay at the time of taxiing.
Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
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.
At least 95 per cent of Jet Airways employees will have to give their consent to the Kalrock-Jalan consortium's proposal or lose benefits offered to them under the revival plan. Voting on the consortium's offer for employees and workmen began on Monday and will go on till August 4. The National Company Law Tribunal cleared the consortium proposal to revive the airline on June 22. While Jet Airways had admitted claims of around Rs 15,000 crore, the consortium has offered to settle claims of Rs 475 crore of financial and non financial creditors.
It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry.
DGCA has told the airline that only "air worthy" aircraft, which are completely fit for flying, should be used in operations.
The watchdog would also endeavour to do its best to help the company revive its operations within the set regulatory framework.
Alleging some "motives" behind the series of developments at the carrier, Jet Airways Officers & Staff Association president Kiran Pawaskar demanded a probe, preferably by CBI.
The pilots and other senior staff have not been getting their full salaries since December.
Jet Airways pilots along with engineers and senior executives have not been paid for the last three months.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
Fadnavis has assured full support to work out a solution with Prime Minister Narendra Modi and civil aviation ministry after the last round of polling is completed and model code of conduct is withdrawn.
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.
Of the 22 planes it operated, 16 were on the domestic routes and the rest were deployed in the international routes.
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.
Want last year's bonus? Sell our tickets: Jet Airways tells travel agents.
In a series of tweets reacting to banks led by State Bank of India taking over management control of troubled Jet Airways, Mallya said, "...Only wish the same was done for Kingfisher".
Jet's staff strength stands whittled down to around 4,000, with many former employees having joined airlines in India and abroad.
The firm, udChalo, is a portal founded by the wards of Army men and it provides for personal travel needs of armed forces, paramilitary forces and their family members.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
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