Jet Airways

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways

A linear profit growth is unlikely for the Indian aviation players as high oil prices hit the industry every two-three years

In a huge relief for former Jet Airways Chairman Naresh Goyal and his wife Anita Goyal, the Bombay High Court on Thursday quashed the Enforcement Directorate (ED)'s case

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In a setback to the Jalan-Fritsch consortium, the new owners of the cash-strapped Jet Airways, the Supreme Court on Monday upheld an NCLAT order directing the payment of the provident fund and gratuity dues of the airline's former employees. A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala said, "Anyone stepping in would know that there are overriding labour dues. Unpaid labour dues always take precedence. Somewhere, there has to be finality. Sorry, we will not interfere." The top court refused to entertain a plea moved by the consortium and upheld the National Company Law Appellate Tribunal's (NCLAT) order. At the outset, senior advocate Saurabh Kirpal, who appeared in the court on behalf of the consortium, said they will now have to put in an additional amount of more than Rs 200 crore and it would be difficult to revive the airline. He said once approved, the resolution plan cannot be modified or taken back. Senior advocate Siddharth Bhatnagar

The consortium had moved the Supreme Court earlier this month challenging the NCLAT Order of October 21, 2022

According to the revival plan, the consortium proposed a total infusion of Rs 1,375 crore, including Rs 900 crore towards capex and working capital and Rs 475 crore to settle claims of the creditors

The Bombay High Court has directed the Enforcement Directorate not to take any coercive steps till January 31 against Jet Airways founder Naresh Goyal and his wife Anita Goyal in a money laundering case. A division bench of Justices Revati Mohite Dere and P K Chavan had granted interim relief to the couple last week. The detailed order was available on Tuesday. The bench is hearing the couple's pleas to quash the Enforcement Case Information Report (ECIR), somewhat similar to an FIR, against them. In 2020, the agency had filed a criminal case against the Goyals and others under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a Mumbai police FIR. The Mumbai police FIR pertains to charges of alleged fraud by the Goyals and others against a city-based travel company. The Goyals, represented by senior advocates Ravi Kadam and Abad Ponda, told the court that there is no predicate offence, as required under the PMLA, to investigate the ECIR. They submitted that

The issue is now pending before the Supreme Court following an appeal by the consortium

The tribunal also granted the consortium 180 days beyond November 16 to pay the dues to the creditors and employees

Tribunal gives consortium 180 days beyond November 16 to make payments to creditors, employees

JKC now has six months to settle its dues and take control of the airline

Chhawchharia had on January 2 sent a letter to JKC wherein he objected to Sanjiv Kapoor using designation of Jet Airways CEO as the airline is yet to be handed over to JKC

The monitoring committee consists of seven members: Chhawchharia is a non-voting member, three voting members selected by lenders and three voting members selected by JKC

Grounded carrier Jet Airways on Monday said Sanjiv Kapoor remains the CEO-designate of the company till the airline's ownership is transferred to the consortium by the lenders. Earlier CNBCTV18 reported that the head of the Jet Airways management committee and erstwhile Resolution Professional Ashish Chhawchharia in a notice to Kapoor has asked him to refrain from using the title of CEO of the airline. In October 2020, the airline's committee of creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital. After the Insolvency resolution process in June 2021, Jalan-Kalrock Consortium (JKC) was declared the winning bidder for Jet Airways. The consortium had in March last year announced the appointment of Kapoor as the CEO of the airline with effect from April 4, 2022. "Sanjiv Kapoor has been designated as the CEO of the to-be revived Jet Airways by JKC after receipt of his security clearance from the Ministry of

With continuing uncertainty over Jet Airways' future, at least two senior executives as well as some pilots and cabin crew have quit the airline, according to sources. Jalan Kalrock consortium emerged as the winning bidder for Jet Airways under the insolvency resolution process in June 2021 but the carrier is yet to start operations. The sources close to the development said the Vice Presidents of Engineering and Human Resources have left the airline. Some pilots and cabin crew have also left the airline. Besides, some senior-level executives have gone on Leave Without Pay (LWP), the sources said. Details about the current employee strength at the airline could not be immediately ascertained. A senior executive at the airline said the upside potential of a revived Jet Airways is tremendous for all stakeholders and customers. A Jet Airways spokesperson declined to comment. Earlier, the carrier had reduced salaries for various staff and send many employees on LWP amid uncertainty

In this complex game of claims and counter-claims, Jet Airways, which was supposed to take to the skies again by October this year, remains firmly on the ground

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Fresh challenge for reviving Jet as union opposes sale of assets until employees get provident fund and gratuity

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