Naresh Goyal's Jetair had cash in surplus when Jet crisis started to show

The private entity's main revenue source was from the listed entity Jet Airways, which was paying close to Rs 4 crore a month to the company for offline bookings as a general sales agent

When Jet Airways was showing signs of financial crisis, its former chairman Naresh Goyal’s private entity, Jetair Pvt Ltd (JPL), did not utilise any of its credit facilities worth Rs 28 crore from banks in its effort to remain debt-free. 

As on December last year, the Goyal-owned company had cash of Rs 260 crore and had submitted an expression of interest (EoI) to take over the airline on April 12, only after the bid submission deadline.

Around Rs 232 crore cash was raised by divesting Jetair’s stake in UPS Jetair Express in October last year, said a banker close to the development.