Two more insolvency petitions were filed by Sabarmati Aviation and JetAir 17 against budget carrier Spicejet at the National Company Law Tribunal (NCLT) on Monday. The NCLT issued a notice to the airline over the plea by operational creditor Sabarmati Aviation while asking another complainant, JetAir 17, to file additional documents in support of its claims of $27 million.
More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.
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 airline business is very dynamic. If you are unable to keep up and lead, you end up last.' 'This is what has happened to Jet.'
US-based UPS on Thursday opened its first store in Mumbai. This is the first store outside North America.
Jetfleet, a Naresh Goyal-promoted Jet Air group company, on Wednesday entered into a tie-up with major fleet operator Europcar for car rental operations in India.
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.
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.
Six of these aircraft are currently on lease to Etihad Airways, set to start returning to Jetair's fleet in June
The April 2 Supreme Court order quashing the February 12, 2018 RBI circular (which ended all debt recast plans even on a one-day default) put paid to the resolution plan as banks were left with no leeway to restructure the loan and pay the promised Rs 1,500 crore interim funds.
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.
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