Page 2 - Jet Airways

Lenders purposely delaying Jet Airways revival: Jalan-Kalrock tells NCLT

'Can't take off if relief not granted'

Jalan-Kalrock consortium looks to move SC over Jet Airways staffers' dues

The consortium won the bid to revive the grounded airline in October 2020, and its revival plan was cleared by the National Company Law Tribunal in June 2021

Jet airways revival hits new snag as banks push back on funding

The new owners meanwhile have indicated that extra money wasn't part of the already agreed upon resolution plan and instead must be taken out of the banks' dues

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Grounded Jet Airways' cabin crew association moves NCLT for liquidation

Banks oppose consortium plea for handover of the company

Jet Airways resolution plan totters on disagreement with creditors

Creditors may approach India's aviation ministry to seek approval to liquidate Jet's assets if a resolution does not emerge during a critical court hearing on Tuesday, said a senior banker

BCAS withdraws accreditation of Jet Airways' training facilities

Aviation security agency BCAS has withdrawn the accreditation given to Jet Airways' aviation security training facilities amid continuing uncertainty over the recommencement of the airline's operations, according to sources. Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. A spokesperson for the Jalan Kalrock Consortium on Tuesday claimed that the accreditation was surrendered voluntarily. On November 18, the Bureau of Civil Aviation Security (BCAS) informed the airline about the withdrawal of the accreditation, the sources said. "The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of Jet Airways at Gurugram and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection," BCAS said in a communication. Under current regulations, it is mandatory for all scheduled airlines to impart aviation securit

Jet Airways lenders may sell 11 aircraft in absence of resolution: Report

Lenders said that even one-and-a-half years after the resolution plan was approved by the National Company Law Tribunal (NCLT), the Jalan-Kalrock consortium has failed to pay the required amount

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Jet Airways sends 10% staff on LWP, cuts salaries of another 23%

CEO Sanjiv Kapoor said on Twitter on Friday that "two-thirds of staff are not impacted at all" by the cost-cutting measures

Jet Airways asks 60% staff to go on leave without pay for 3 months

This news comes after Jet Airways's revival plan hit another roadblock on November 18, after the new owner Jalan-Kalrock told the NCLAT of its inability to pay additional money

Jet Airways consortium may take difficult decisions to manage cashflows

Amid the continuing uncertainty over the fate of grounded Jet Airways, the Jalan Kalrock Consortium on Friday said it has not breached any terms of the insolvency resolution plan and might take difficult near-term decisions to manage cashflows. The consortium's resolution plan was approved by the National Company Law Tribunal (NCLT) in June last year but the airline, which also got its air operator certificate revalidated by aviation regulator DGCA in May this year, is yet to start operations. "... while we await the handover of the company as per the NCLT process, the longer-than-expected time being taken for the same may result in some difficult but necessary near-term decisions to manage our cashflows to secure the future while the airline is still not in our possession," the Jalan Kalrock Consortium (JKC) said in a statement. It did not elaborate on the decisions that could be taken to manage the cashflows. "We have not breached any term of the resolution plan, and we remain ..

Kalrock Capital says raids on promoter will not impact Jet revival

'Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges made thereunder'

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Raids on Kalrock Capital's investor: Jet Airways hopes to escape unhurt

The sources said that the raids are on an individual and do not amount to culpability. Also, the investor in the consortium is the PE fund and not an individual

Jet Airways posts Rs 308 cr Q2 net loss, expenses rise to Rs 321 cr

Jet Airways, which is grounded for more than three years, on Friday reported a standalone net loss of Rs 308.24 crore in the three months ended September. The airline had reported a net loss of Rs 305.76 crore in the same period a year ago, according to a regulatory filing. Through the corporate insolvency resolution process, the Jalan Fritsch consortium emerged as the winning bidder for the airline after the the National Company Law Tribunal (NCLT) approved the consortium's resolution plan in June last year. However, the carrier is yet to resume operations. In the second quarter of the current fiscal, Jet Airways saw its total income plunge to Rs 13.52 crore from Rs 45.01 crore in the year-ago period. Total expenses also jumped to Rs 321.76 crore in the latest September quarter. "The company continues to incur losses resulting in an erosion in its net worth and its current liabilities exceed current assets as of September 30, 2022," the filing said. The airline, which shuttered

Deadlock over carrier's revival: Banks not keen on sharing Jet's liability

Deadlock over carrier's revival after NCLAT order

NCLAT directs Jet Airways' new owner to clear unpaid provident fund, dues

Insolvency appellate tribunal NCLAT on Friday directed Jet Airways' new owner - Jalan-Kalrock consortium - to pay the unpaid provident fund and gratuity dues of employees of the carrier, which is going to restart its operation. It has directed the former resolution professional to "compute the payments to be made to workmen and employees within one month from today" and communicate the same to the Jalan-Kalrock consortium to take steps for the payment. Allowing a batch of petitions filed by the associations of workmen, Aircraft Maintenance Engineers, Officers and Staff Association and others, a two-member NCLAT bench had asked the new owner to make payment of provident fund dues as admitted by the resolution professional. "Successful Resolution Applicant is directed to make payment of unpaid provident fund to the workmen till the date of insolvency commencement, after deducting the amount already paid towards the provident fund in the Resolution Plan to the workmen," said the ...

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