Jet Airways Crisis

Money laundering case: Jet Airways founder Naresh Goyal gets medical bail

The Bombay High Court on Monday granted medical bail to Jet Airways founder Naresh Goyal, who is an accused in a money laundering case. In May this year, a single bench of Justice N J Jamadar granted interim bail to Goyal on medical grounds. Justice Jamadar on Monday made the interim order permanent. Goyal (75) is suffering from cancer and had sought bail to undergo treatment. The Enforcement Directorate (ED) had opposed his plea and said he could be admitted to a hospital of his choice and take treatment while in custody. In May, the HC granted interim bail to Goyal for a period of two months which was later extended by four weeks and then again for two months. The ED arrested Goyal in September 2023 on allegations that he had laundered money and siphoned off loans to the tune of Rs 538.62 crore given to Jet Airways by the Canara Bank. His wife Anita Goyal was arrested in November 2023 when the ED submitted its chargesheet in the case. A special court granted her bail the same

'No choice': Supreme Court orders liquidation of grounded Jet Airways

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

SC orders liquidation of Jet Airways, rejects NCLAT's approval of takeover

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

Resolution plan at execution stage; FY24 results to be delayed: Jet Airways

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

Jet insolvency: JKC withdraws Rs 200 cr escrow plea after NCLAT ruling

The Jalan Kalrock Consortium (JKC), the successful bidder of the grounded Jet Airways, on Tuesday withdrew its plea before the NCLAT to move Rs 200 crore, which it paid to lenders, to an escrow account. The withdrawal comes after the National Company Law Appellate Tribunal (NCLAT) refused to give any relief to JKC. An NCLAT bench headed by Chairman Justice Ashok Bhushan said the matter is already before the Supreme Court. Following this, the Consortium of Murari Lal Jalan and Florian Fritsch withdrew the appeal. "Until the shares of the corporate debtor (Jet Airways) are not issued to the successful resolution applicant (consortium), pass necessary directions requiring the MC (monitoring committee) lenders to transfer the sum of Rs 200 crore infused by SR (successful resolution applicant), in the share application account to an interest bearing escrow account," JKC had said in its plea before the NCLAT. The tribunal asked the JKC either to withdraw its plea or face dismissal, on wh

ED opposes bail to Jet Airways founder Naresh Goyal; HC decision on May 6

The Enforcement Directorate (ED) on Friday opposed the interim medical bail sought by Jet Airways founder Naresh Goyal in a money laundering case and said his stay at a private hospital could be extended for a month. Goyal has sought interim bail on medical and humanitarian grounds, citing that both he and his wife, Anita Goyal, suffered from cancer. On Friday, a single bench of Justice N J Jamadar said it would pass orders on May 6. A special court had in February refused bail to Goyal but permitted him to be admitted to a private hospital of his choice and seek medical treatment. Goyal had last week moved the high court seeking interim bail on merits and release on medical grounds. While Goyal's counsel, Harish Salve, urged the court to consider the case on humanitarian grounds, the ED's counsel, Hiten Venegaonkar, vehemently opposed the bail and said the probe agency did not have a problem if his hospitalisation was extended. Before closing the matter for orders, Justice Jamad

SC rejects JKC's plea opposing sale of Jet Airways aircraft to Ace Aviation

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

Jet Airways founder Naresh Goyal seeks interim bail to treat cancer

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

Jet Airways case: Supreme Court directs JKC to deposit Rs 150 crore

"The question of adjustment of Rs 150 crore (through bank guarantee), we will keep it with the NCLAT. You (JKC) have to (pay)," the apex court said

Lenders of Jet Airways ask JKC to produce air operator certificate

The lenders said 13 crore out of the 200 crore payment towards the total amount came 'from other sources'

Goyal's resistance in diluting his stakes led to Jet Airways' fall, says ED

Jet Airways founder Naresh Goyal's "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the Enforcement Directorate said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in connection with the case. Speci

NCLAT adjourns Jet Airways hearing to Nov 1 as creditors seek more time

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

JKC infuses Rs 100 crore for revival of Jet, eyes resuming ops in 2024

JKC has thus infused Rs 100 crore by 31 August and another Rs 100 crore by 30 September

Jet Airways founder Naresh Goyal to remain in custody till Sept 11

The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank

LIVE: ED arrests Jet Airways founder Goyal in money laundering case

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Reinstate 169 workers with full back wages: Supreme Court tells Jet Airways

Jet Airways, once India's largest private airline, ceased operations in April 2019, unable to meet its financial obligations

Jet Airways appoints two whole-time directors, CFO from tomorrow onwards

Grounded Jet Airways on Thursday announced the appointment of two whole time directors and a non-executive director. Sundaram Ramesh has been appointed as a Whole Time Director and Chief Financial Officer, Gautam Acharya as a Whole Time Director and Rajesh Prasad as a Non-Executive Director, according to a regulatory filing. The appointments, with effect from Thursday, have been approved by the airline's monitoring committee. As per the filing, the appointments have been made "for the purpose of ensuring compliance with applicable laws, to execute and make filings with the Registrar of Companies and assist in implementation of the resolution plan". Ramesh has more than 40 years experience in finance, accounts and taxation, among other areas. Prasad, who has around 40 years of diversified experience, had joined Jet Airways in July 2018 as its Chief Strategy Officer while Acharya is an aviation professional having specialised in commercial aviation for the last 20 years, the filing .

Jalan-Kalrock's plan for Jet Airways unworkable, lenders tell Supreme Court

The lenders have filed a challenge to the NCLAT order of May 26 which granted the Jalan-Kalrock consortium three-and-a-half months more to make payments

Jet Airways case: NCLAT to pass order on JKC's plea against SBI on May 30

In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim ...

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company