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At long last, Jet Airways revival in sight
Livemint
·
1y ago
Medial
Jet Airways has been given a lifeline as an appellate tribunal has directed its lenders to hand over the company to the Jalan-Kalrock consortium within 90 days. The National Company Law Appellate Tribunal (NCLAT) upheld the resolution plan for the grounded airline, which has been non-operational since 2019. The consortium will need to obtain an air operator's certificate to complete the handover process. The tribunal has also instructed the lenders to create security on three Dubai-based properties offered by the consortium. The lenders are expected to challenge the NCLAT order in the Supreme Court.
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Related News
Mint Explainer: SC hears Jet Airways ownership dispute. What’s at stake
Livemint
·
10m ago
Medial
- The Supreme Court is currently hearing a case that will determine the future of Jet Airways, the first airline in India to face insolvency resolution. - The case revolves around the transfer of ownership of Jet Airways to the Jalan-Kalrock Consortium (JKC), which has been opposed by the airline's lenders. - If the Supreme Court nullifies the plan, Jet Airways could face liquidation, raising concerns about India's ability to handle airline insolvencies. - JKC is a partnership between Murari Lal Jalan and Florian Fritsch, aiming to revive Jet Airways and its operations. - The lenders argue that JKC has not fulfilled crucial conditions of the takeover, including payment of dues, providing security, clearing worker obligations, and obtaining operational approvals. - JKC maintains that it has met its financial commitments and is ready to revive the airline, but accuses the lenders of deliberately delaying the ownership transfer. - The outcome of the Supreme Court hearing could have significant implications for both Jet Airways and the insolvency regime in addressing airline bankruptcies.
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Jet airways founder arrested in money laundering case
Livemint
·
1y ago
Medial
Naresh Goyal, the founder of Jet Airways, has been arrested by the Enforcement Directorate (ED) in a money laundering case related to an alleged fraud of ₹538 crore at Canara Bank. Goyal, his wife Anita, and former company executives are accused of siphoning funds from Jet Airways. The case originated from a Central Bureau of Investigation (CBI) FIR, and Goyal is expected to appear in a special PMLA court in Mumbai. The CBI had declared the account "fraud" in July 2021 and alleged diversion of funds.
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Jalan Kalrock Consortium deposits another ₹100 cr in Jet Airways under revival plan
Livemint
·
1y ago
Medial
The consortium JCK, winner of the bid to revive Jet Airways, has invested ₹250 crore in the airline and is required to fund the remaining ₹100 crore by September 30, 2023, to take control. The NCLAT bench granted an extension for the timeline and allowed ₹150 crore from the performance bank guarantee to be adjusted towards the payment of ₹350 crore. The resolution plan, approved in June 2021, is yet to be implemented for Jet Airways, which entered insolvency proceedings in June 2019.
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Jet Airways goes into liquidation as Supreme Court decides on bankruptcy saga | Company Business News
Livemint
·
9m ago
Medial
The Supreme Court of India has ordered the liquidation of bankrupt airline Jet Airways after the successful bidder failed to comply with the conditions of the resolution plan. The court criticized the National Company Law Appellate Tribunal for upholding the transfer of ownership without fully examining the facts. This highlights concerns about the effectiveness of the current Insolvency and Bankruptcy Code framework in handling airline insolvencies. The liquidation of Jet Airways comes as Go First also failed to revive and filed for liquidation, raising further concerns about airline restructurings under the Code.
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Supreme Court to hear Jet Airways lenders' plea against NCLAT order on Friday
Livemint
·
1y ago
Medial
The Supreme Court has postponed the hearing on Jet Airways' lenders' plea against the approval of the resolution plan proposed by the Jalan-Kalrock consortium. The lenders, led by the State Bank of India, argued that the decision of the National Company Law Appellate Tribunal (NCLAT) deviated from a previous Supreme Court ruling. The NCLAT allowed JKC to adjust a performance bank guarantee of ₹150 crore towards its obligation. The tribunal had directed the transfer of Jet Airways to JKC within 90 days. The outcome of the case remains uncertain as lenders seek to contest the resolution plan.
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Stocks in news: Wipro, HDFC Bank, Nazara Tech, Maruti Suzuki, Bank of Baroda
Economic Times
·
1m ago
Medial
Markets ended slightly positive amid volatility, with focus on several stocks due to various developments. Notably, Wipro saw promoter entity transactions, Vijay Kedia invested in Advait Energy, and Bank of Baroda was the highest bidder for Jet Airways' office space. Meanwhile, NTPC raised $750 million for expansion, NIIT sold its stake in NIIT-IFBI, and Zydus Lifesciences received FDA clearance. Additionally, Maruti Suzuki's merger was approved, and Sterlite Technologies signed a major BSNL contract.
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From JRD Tata to Kalanithi Maran: Sanjiv Kapoor, ex-Jet Airways CEO, shares lessons learnt from top business tycoons
Livemint
·
7m ago
Medial
Former Jet Airways CEO Sanjiv Kapoor shares lessons from six influential business leaders: Richard Anderson taught him to prioritize customer convenience, Stan Pace valued differing views, Kalanithi Maran emphasized paying staff during crises, PRS Oberoi focused on learning from failure, Herb Kelleher stressed employee happiness over "customer is always right" philosophy, and JRD Tata, the founder of many Tata Group companies, remains a profound influence. These lessons have profoundly shaped Kapoor's career in the airline and travel industry.
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Indian authorities seize $65 mln of property in Jet Airways fraud case
Reuters
·
1y ago
Medial
India's financial crime agency, the Enforcement Directorate (ED), has seized properties worth 5.38 billion rupees (nearly $65 million) as part of its investigation into money laundering allegations against Jet Airways and its founder Naresh Goyal. The seized properties include 17 residential and commercial properties in London, Dubai, and India registered under various names, including Goyal, his wife, and son. The ED claims that under Goyal's leadership, the airline funneled funds through professional and consultancy fees to overseas entities and personal expenses.
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The clean jet fuel technology winning over Wall Street
Livemint
·
10m ago
Medial
Startups aiming to reduce aircraft emissions by producing clean jet fuel are attracting significant investments. Twelve, a company mimicking photosynthesis to create low-emission jet fuel, recently raised $645m, valuing the firm at over $1bn. Other startups, such as Infinium and Prometheus Fuels, have also secured large funding deals. The use of chemistry to transform carbon dioxide, water and renewable electricity into energy is considered a practical long-term fuel source. These eFuels are seen as potentially replacing fossil fuels and are gaining support as a part of the energy transition.
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Qatar Airways to invest in an airline in southern Africa
VCCircle
·
1y ago
Medial
Qatar Airways CEO, Badr Mohammed Al Meer, announced that the company is set to invest in an airline in southern Africa as part of its efforts to expand its network on the continent. The investment, which is in its final stages, could be announced within the next few weeks. The move is aimed at improving connectivity in the southern region of Africa, which is currently not covered by Qatar Airways' network. Qatar Airways has previously invested in other African airlines and is focused on expanding its partner airlines' fleets.
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