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MIAL moves NCLT seeking clarity on Jet Airways’ aircraft sale to Ace Aviation | Company Business News

Livemint

Livemint · 8m ago

MIAL moves NCLT seeking clarity on Jet Airways’ aircraft sale to Ace Aviation | Company Business News

Mumbai International Airport Limited (MIAL), owned by the Adani group, has sought clarification from the National Company Law Tribunal (NCLT) on the validity of the sale of three grounded aircraft belonging to Jet Airways. MIAL has asked the NCLT to determine whether the sale can proceed after the airline's liquidation. The NCLT has scheduled a hearing for 14 January and has directed the parties to formalize the necessary documentation. MIAL argues that there is uncertainty surrounding the survival of the sale agreement, while the lenders argue that the sale remains valid and have asked for access to the aircraft.

Related News

Jet Airways goes into liquidation as Supreme Court decides on bankruptcy saga | Company Business News

Livemint

Livemint · 9m ago

Jet Airways goes into liquidation as Supreme Court decides on bankruptcy saga | Company Business News

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.

How Akasa Air’s Vinay Dube is taking on the IndiGo-Air India duopoly

Livemint

Livemint · 10m ago

How Akasa Air’s Vinay Dube is taking on the IndiGo-Air India duopoly

Akasa Air, a new airline in India, is facing numerous challenges as it attempts to establish itself in a market dominated by IndiGo and Air India. The airline, founded by former Jet Airways CEO Vinay Dube, operates a fleet of Boeing 737 Max aircraft, which have faced recurring problems since their inception. Despite these challenges, Dube remains optimistic about the airline's future and aims to turn a profit within the next three years. However, industry analysts caution that the sale and leaseback model, which helped IndiGo become profitable, may not work for Akasa given the current market dynamics.

Beyond Aero is building a hydrogen-powered jet

TechCrunch · 1y ago

Beyond Aero is building a hydrogen-powered jet

Toulouse-based startup Beyond Aero is developing a hydrogen-powered business jet called Beyond Aero One. The company is currently conducting ground tests for its 85 kW hydrogen-based propulsion system and plans to perform flight tests later this year. The 800-nautical-mile range jet, designed to seat up to eight passengers, aims to offer a more sustainable alternative to conventional jet fuel-burning engines. Beyond Aero also has plans to develop commuter jets and larger aircraft in the future. Challenges include hydrogen storage and thermal management for aviation use. The company has already secured funding from investors including Initialized and Air France.

Swiss startup unveils the world’s first hydrogen VTOL jet

Medial

Medial · 1y ago

Swiss startup unveils the world’s first hydrogen VTOL jet

Swiss startup Sirius Aviation has introduced the world's first hydrogen-powered vertical takeoff and landing (VTOL) aircraft, called the Sirius Jet. Set to be operational by 2025, this emissions-free VTOL is designed to overcome the limited range and energy issues of electric VTOLs. The hydrogen VTOL is powered by liquid hydrogen and oxygen generate electricity, producing only water as a byproduct. With a flight range of 650 to 1,150 miles, the Sirius Jet surpasses the capabilities of comparable electric VTOLs. However, the regulatory process and funding remain challenges for the company.

Stocks in news: Wipro, HDFC Bank, Nazara Tech, Maruti Suzuki, Bank of Baroda

Economic Times

Economic Times · 2m ago

Stocks in news: Wipro, HDFC Bank, Nazara Tech, Maruti Suzuki, Bank of Baroda

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.

IIT-incubated startup's air taxis to fly in UAE & Southeast Asia

Economic Times

Economic Times · 6m ago

IIT-incubated startup's air taxis to fly in UAE & Southeast Asia

IIT-Madras incubated startup, ePlane Company, partners with Dubai-based Empire Aviation Group to globalize its electric aircraft. The collaboration aims to launch eVTOL air-taxis and air-ambulances in India, UAE, Thailand, and Indonesia, leveraging Empire's aviation expertise. Targeting a 2026 commercial launch, ePlane recently secured a $1 billion deal with ICATT for 788 air ambulances in India. Production plans involve discussing locations with state governments and seeking production partners.

Fresh turbulence for SpiceJet: Airline hit by $12.68 million insolvency claims as 3 lessors, ex-pilot move NCLT

Business Today

Business Today · 5m ago

Fresh turbulence for SpiceJet: Airline hit by $12.68 million insolvency claims as 3 lessors, ex-pilot move NCLT

SpiceJet is facing insolvency petitions filed by three Ireland-based aircraft lessors and a former pilot in the National Company Law Tribunal (NCLT). The filings are due to unpaid dues, amounting to $12.68 million (approximately ₹110 crore). This legal action underscores financial challenges for the airline amid its ongoing operations and commitments. The situation presents new turbulence for SpiceJet as it manages creditor relations and seeks to maintain operational stability in the aviation sector.

SpiceJet to operationalize 30 grounded planes, resume delivery talks with Boeing | Company Business News

Livemint

Livemint · 8m ago

SpiceJet to operationalize 30 grounded planes, resume delivery talks with Boeing | Company Business News

SpiceJet plans to reactivate 30 grounded Boeing 737 MAX aircraft within 12-15 months and resume discussions with Boeing for pending deliveries. At their annual meeting, chairman Ajay Singh highlighted the need for more competition in India's dominated aviation market, aiming for 100 aircraft by 2026. Experts see this move as vital, potentially easing airfare and increasing flight frequency. SpiceJet recently raised funds to strengthen operations, promising future shareholder benefits as the airline rebuilds.

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders | Company Business News

Livemint

Livemint · 6m ago

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders | Company Business News

The National Company Law Appellate Tribunal (NCLAT) instructed Busy Bee Airways to negotiate with Go First's lenders to acquire the bankrupt airline, which retains valuable assets. Busy Bee challenged a liquidation order from the National Company Law Tribunal (NCLT) after creditors opted for liquidation due to Go First's asset deficit. Busy Bee and a trade union argued against liquidation, citing potential job losses and the airline's viability as a going concern. Busy Bee re-entered the bidding process.

Why Byju's creditors have dragged the RP to courts

Livemint

Livemint · 11m ago

Why Byju's creditors have dragged the RP to courts

Aditya Birla Finance and Glas Trust have accused the resolution professional (RP) of Byju's, Pankaj Srivastava, of wrongful practices in the bankruptcy process. Glas Trust is seeking reinstatement in the committee of creditors (CoC) and has taken the matter to the Supreme Court. Aditya Birla Finance has filed a plea in the National Company Law Tribunal (NCLT) against Srivastava over the alleged misclassification of the lender as an operational creditor. The rift between the creditors and the RP could impact the resolution process of Byju's. The Supreme Court's decision will provide clarity on the matter.

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