Jet Airways

The recent Jet Airways' liquidation case prompted the apex court to highlight how tribunal members often lack the domain knowledge required in high-stakes insolvency matters

Says Jalan-Kalrock Consortium, successful bidder for the airline, failed to implement the resolution plan five years since its approval

The Supreme Court has directed the liquidation of Jet Airways, citing the failure of the Jalan-Kalrock Consortium to meet revival conditions, overturning the NCLAT's approval

JKC argued that SBI had previously granted loans to companies without sufficient security, which led to their financial troubles

The Supreme Court on Wednesday reserved its judgement on a plea of State Bank of India and other creditors challenging the National Company Law Appellate Tribunal (NCLAT) decision that upheld the resolution plan of grounded air carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC). A bench comprising Chief Justice of India D Y Chandrachud and Justices JB Pardiwala and Manoj Misra heard submissions of Additional Solicitor General (ASG) N Venkatraman, appearing for the appellant banks and others, and senior advocate Mukul Rohatgi, representing the consortium, before reserving the judgement. The NCLAT had on March 12 upheld the resolution plan of the grounded air carrier and approved the transfer of its ownership to the JKC. The appellate tribunal further directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, the insolvency the NCLAT had also directed the lenders of Jet Airways to adjust th

Jalan Kalrock Consortium (JKC), which was handed over the grounded air carrier Jet Airways, on Tuesday informed the Supreme Court that the creditors had delayed the resolution process by raising pleas at every stage of compliance. The National Company Law Appellate Tribunal (NCLAT) on March 12 had upheld the resolution plan of the grounded air carrier and approved the transfer of its ownership to the consortium. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra was hearing an appeal of State Bank of India, Punjab National Bank and JC Flowers Asset Reconstruction Private Limited challenging the March 12 verdict of the NCLAT. The NCLAT had directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. The consortium, having won the bid to revive the once-grounded airline, is facing a complex legal battle over the compliance with the resolution plan. Additional Solicitor General N Venkatramani, appearing fo

Koish said that procuring another aircraft from the market was 'smooth', demonstrating how efficiently such acquisitions can proceed when all parties cooperate

Last Inspection of Three Jet Planes Was Two Years Ago

Jet Airways on Thursday said there will be a delay in declaring the financial results for the quarter and year ended March 2024, and its monitoring committee expected to meet shortly to consider the results. "We wish to state that currently the approved resolution plan is at the implementation stage and every effort is being ensured to comply with the necessary provisions of SEBI LODR Regulations, as such a meeting of the monitoring committee will be convened at the earliest to consider and adopt the aforesaid financial results," the airline said in a regulatory filing. Jet Airways, which stopped flying in April 2019 due to financial crunch, is undergoing an insolvency resolution process. The resolution plan submitted by the consortium of Murari Lal Jalan and Florian Fritsch was approved by the Mumbai bench of the National Company Law Tribunal (NCLT) in June 2021. Subsequently, the monitoring committee was set up to oversee the implementation of the approved plan. The plan is yet t

So far, JKC has managed to get just five aircraft

A prisoner also has the right to medical treatment and is entitled to dignity, the Bombay High Court observed while granting interim bail for two months on medical grounds to Jet Airways founder Naresh Goyal, arrested in a money laundering case. A single bench of Justice N J Jamadar said there was a difference between undergoing treatment as an undertrial prisoner and as a citizen with no restraint. The bench had on Monday granted interim bail for two months to Goyal on medical grounds. Goyal (75) had sought interim bail on medical and humanitarian grounds as both he and his wife, Anita Goyal, are suffering from cancer. A special court had in February denied bail to Goyal but permitted him to be admitted to a private hospital of his choice and seek medical treatment. Goyal then moved the high court seeking bail on merits and to be released on interim bail on medical grounds. Justice Jamadar, in the order, perused the medical records and said, "It would be audacious to hold that t

The lenders have appealed against this order in the Supreme Court

Medical reports did not indicate that Jet Airways founder Naresh Goyal's health would improve if he was released and he was already getting the "best possible" treatment at a hospital of his choice, a court here has said while refusing him bail. Special judge for cases under Prevention of Money Laundering Act (PMLA), M G Deshpande, on April 10 rejected the 74-year-old businessman's bail application, filed on the ground that he suffers from numerous life-threatening medical conditions. The court had, in February 2024, denied interim bail to Goyal when he sought relief on the ground that he was suffering from cancer. It, however, permitted him to undergo treatment at a hospital of his choice. Later, Goyal moved another application for bail, citing the deterioration in his health since hospitalization. He suffered from fever with chills and also had psychiatric issues, he said. The court in its detailed order, which became available on Saturday, noted that it had expressed concern .

Jayaraj Shanmugam has previously worked with renowned companies such as Singapore Airlines, Qatar Airways, and Jet Airways

NCLAT has directed SBI to complete the transfer within 90 days and instructed JKC to obtain an air operator's certificate within the same period

Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee. The lenders of Jet Airways and Jalan Kalrock Consortium (JKC), the successful bidder, are in a legal tussle for more than a year over the transfer of the management of the grounded carrier. Earlier, the lenders had approached the Supreme Court, which had declined to interfere in the matter and had directed the National Company Law Appellate Tribunal (NCLAT) to take a decision on the issue. The NCLAT directed the managing committee, consisting of lenders led by SBI, to create security on immovable properties as offered by the successful resolution applic

The court said it did not find anything wrong with NCLAT order and JKC could benefit from aircraft sale

Ace approached the National Company Law Appellate Tribunal (NCLAT) two weeks ago seeking to expedite the sale of three aircraft in Mumbai in the same case

A medical board of the state-run J J Hospital here on Friday informed a special court that private medical reports of Jet Airways founder Naresh Goyal suggest that he is suffering from "malignancy", but it needs to carry out further tests. The Enforcement Directorate (ED), which has arrested the businessman in a money laundering case, opposed his interim bail application on health grounds and suggested he could be treated at the city-based Tata Memorial Hospital. Goyal, 74, moved the court on February 15, saying he required special treatment as tests conducted by private doctors showed that he had small tumors in his intestine. M G Deshpande, judge for the Prevention of Money Laundering Act cases, then ordered setting up of a medical board by the J J Hospital to examine the reports. During the hearing on Friday, the ED submitted that the board did not give any independent opinion, but categorically stated that it needed to carry out some tests which were not available at J J ...

Jet Airways founder Naresh Goyal, an accused in a money laundering case, has moved a plea before a special court here seeking interim bail for treatment of malignancy, which was revealed during tests conducted by private doctors. The court passed an initial order for setting up a medical board to examine Goyal's medical reports as ED sought time to respond to his interim bail plea. Last month, special judge for cases under the Prevention of Money Laundering Act (PMLA) M G Deshpande had allowed Goyal (74) to undergo medical tests by private doctors. In the plea moved on Thursday for interim bail, Jet Airways founder Goyal said malignancy was revealed during the tests undertaken by the private doctors. As per his medical records, Goyal has small tumours in his intestine (common location for small tumours), called 'Neuro Endocrine Tumours' (slow growing cancer). He also has a hiatus hernia of about 35 cm to 40 cm with severe reflux oesophagitis, which is a medical condition that occu