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Mint Explainer: SC hears Jet Airways ownership dispute. What’s at stake

Livemint

Livemint · 11m ago

Mint Explainer: SC hears Jet Airways ownership dispute. What’s at stake

- 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.

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.

Jet airways founder arrested in money laundering case

Livemint

Livemint · 1y ago

Jet airways founder arrested in money laundering case

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.

ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI

Economic Times

Economic Times · 1y ago

ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI

Byju Raveendran, founder of Byju's, has been dealing with various legal disputes and financial instability. One such dispute involves a payment of Rs 158 crore owed by Byju's to the Board of Control for Cricket in India (BCCI), which had been approved by the National Company Law Appellate Tribunal (NCLAT). However, the Supreme Court intervened by staying the NCLAT order, adding to Byju's challenges. Byju's is also facing a legal dispute with its US lenders and an investigation by India's Enforcement Directorate over alleged violations of the Foreign Exchange Management Act. Additionally, there is an ongoing row between Byju's and its investors regarding a rights issue.

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.

Come November, fly business class aboard IndiGo | Mint

Livemint

Livemint · 1y ago

Come November, fly business class aboard IndiGo | Mint

IndiGo, India's largest airline, will introduce business class seats on its busiest metro routes starting in November. The airline plans to debut the business class product on the Delhi-Mumbai route and expand to 12 domestic metro routes by 2025. The business class seats, branded as "IndiGo Stretch," will offer premium features and complimentary benefits. IndiGo aims to increase its fleet and plans to launch a loyalty program called BluChip in September. The airline's entrance into the business class segment is seen as a strategic move to tap into a market with lower capacity following the exit of Jet Airways.

Bankruptcy court orders liquidation of Future Retail as resolution eludes | Mint

Livemint

Livemint · 1y ago

Bankruptcy court orders liquidation of Future Retail as resolution eludes | Mint

Blackstone Inc. is reportedly set to bid around ₹40,000 crore for a 51% stake in Indian snack brand Haldiram's. The investment firm aims to enter India's thriving snack market and has increased its offer for the stake sale. If successful, the deal could value Haldiram's at ₹70,000 crore to ₹78,000 crore. Blackstone is expected to acquire a majority stake, controlling power, and a perpetual license for Haldiram's product business. The deal is pending finalization after resolving certain ownership and license issues.

Oracle and Microsoft in talks to take over TikTok under Trump administration plan: Report | Mint

Livemint

Livemint · 7m ago

Oracle and Microsoft in talks to take over TikTok under Trump administration plan: Report | Mint

The Trump administration is reportedly devising a plan involving Oracle and Microsoft to save TikTok, with ByteDance retaining a minority stake. This potential deal would allow American investors a majority stake, and Oracle would oversee TikTok's operations. The terms are still under negotiation, and ByteDance seeks at least $200 billion for the app. A meeting between White House and Oracle executives discussed the deal, aiming to minimize Chinese ownership while ensuring compliance with U.S. regulations.

Blackstone makes move for ₹40,000 crore entry into Indian snacks market, to acquire 51% stake in Haldiram’s: Report | Mint

Livemint

Livemint · 1y ago

Blackstone makes move for ₹40,000 crore entry into Indian snacks market, to acquire 51% stake in Haldiram’s: Report | Mint

Blackstone Inc. is reportedly set to bid around ₹40,000 crore for a 51% stake in Indian snack brand Haldiram's. The investment firm aims to enter India's thriving snack market and has increased its offer for the stake sale. If successful, the deal could value Haldiram's at ₹70,000 crore to ₹78,000 crore. Blackstone is expected to acquire a majority stake, controlling power, and a perpetual license for Haldiram's product business. The deal is pending finalization after resolving certain ownership and license issues.

Mint Explainer: Why has RoC's order against LinkedIn named Satya Nadella

Livemint

Livemint · 1y ago

Mint Explainer: Why has RoC's order against LinkedIn named Satya Nadella

LinkedIn, Microsoft CEO Satya Nadella, and LinkedIn CEO Ryan Roslansky, among others, have been fined INR 27 lakh by the Registrar of Companies (RoC) for violating the significant beneficial owner (SBO) norms under the Companies Act, 2013. The RoC alleged that LinkedIn had listed US-based LinkedIn Technology Unlimited Co. and LinkedIn Ireland Unlimited Company as beneficial owners of one share in filings made in January this year, in contrast to previous filings. The SBO rules were introduced in 2018 to identify ultimate beneficial ownership in Indian companies. The companies are reviewing the order to determine next steps.

CBI Arrests Deputy Registrar of NCLT Mumbai on Bribery Charges

OutlookIndia

OutlookIndia · 3m ago

CBI Arrests Deputy Registrar of NCLT Mumbai on Bribery Charges

The CBI arrested Charan Pratap Singh, a deputy registrar at the National Company Law Tribunal (NCLT) in Mumbai, for allegedly demanding a bribe of Rs 3 lakh to settle a hotel ownership dispute. Karsan Ganesh Ahir, who was receiving the bribe on Singh's behalf, was also arrested. The case was registered following a complaint from the hotel owner embroiled in a dispute with his brothers. Singh used his NCLT contacts for favors.

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