Jet Airways Sale

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

The insolvency appellate tribunal NCLAT on Thursday adjourned its hearing on Jet Airways matter to November 1, as the creditors sought more time to file a reply over the compliance affidavit filed by the Jalan-Kalrock Consortium -- the successful bidder of the grounded carrier. Counsel appearing for the creditors sought more time to complete their pleadings during the proceedings of the National Company Law Appellate Tribunal (INCLAT), which was accepted by a three-member bench. The creditors, which suspect the source of Rs 200 crore paid by the Jalan-Kalrock Consortium, have to file a reply over the compliance affidavit filed by the successful bidder. Last week, Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told NCLAT that there are apprehensions about the source of funds, which deposited the money for Jalan-Kalrock Consortium's (JKC). "The payment is not compliant with the resolution plan as it mandates that the money is to be pa

Jet Airways will have the best possible app, website and IT systems and services among all Indian carriers without losing the human touch, its CEO Sanjiv Kapoor said on Friday. "Human interaction cannot be fully replaced by technology -- it must always be there as a backup, especially when things go wrong (during irregular operations, etc)," he stated in an email to employees. The airline will announce its aircraft order soon after it receives its air operator certificate (AOC), Kapoor noted. On May 5, Jet Airways conducted its test flight to and from Hyderabad in a step towards obtaining the AOC. The airline in its old avatar was owned by Naresh Goyal and had operated its last flight on April 17, 2019. The Jalan-Kalrock Consortium is currently the promoter of Jet Airways. Kapoor's email, which has been accessed by PTI, said the airline will "very soon conduct" its proving flight, the last step before obtaining the AOC. Proving flights are similar to commercial flight with offici

The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction from NCLAT has come on a plea filed by the association

Kalrock has written to the lenders saying that the bid process should be completed transparently and quickly, pointing to the successful resolution of bankrupt Virgin Australia

The committee of creditors (CoC) of Jet is likely to come out with a revised EoI for the stake sale in the defunct airline on Wednesday, said a source.

The CoC may seek an extension in the deadline in the face of no potential bidder coming forward and also due to the ongoing coronavirus concerns

An extension of up to 90 days may be sought from the National Company Law Tribunal

The meeting took place in the backdrop of two suitors, showing interest in the grounded airline but failing to submit a resolution plan for bid submissions on Monday

In the first round of bidding, Synergy had questions for the civil avaition ministry on availability of slots in the domestic and international routes

Deliberations are at early stage and Hinduja Group may decide against bidding, or other bidders may emerge, the people said

The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday

With no new bidders emerging during this period, there are only three entities that had put in their initial bids earlier

Even after such flying rights are allocated to an airline, it must have slots at both the airports in order to start flight operations

Late last month, the resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline that stopped flying mid-April

Only claims related to Jet are being considered and those of subsidiary JetLite will not be accepted, IRP says

At least 3 Indian and 1 foreign bank are opposed to the debt-restructuring plan

The booking for tickets under the three-day monsoon season sale begins from Wednesday