Jet Crisis
Goyal used funds of Jet Airways for personal enrichment: ED tells court
The money borrowed by Jet Airways was misused by its founder Naresh Goyal for personal gains and enrichment, the Enforcement Directorate (ED) on Saturday told a court here while seeking his custody in a case of an alleged Rs 538 crore loan fraud, registered on a complaint filed by Canara Bank. The special Prevention of Money Laundering Act (PMLA) court sent 74-year-old Goyal in the ED's custody till September 11. Seeking his remand, the ED claimed that the loans taken by now-defunct Jet Airways (India) Limited (JIL) from Canara Bank were used for purchasing things such as furniture, apparel and jewellery besides other illegitimate purposes. JIL's funds were also used to pay the salaries of his residential staff and meet operational expenses of a production company owned his daughter, the ED said. Goyal was arrested by the Central agency on Friday night under the PMLA following a long session of questioning at its office here. He was produced before the court around 12.30 pm on ...
 "Goyal used funds of Jet Airways for personal enrichment: ED tells court")
Lenders impeding Jet Airways revival: Jalan Kalrock Consortium to NCLAT
JKC also raised concerns that the slots allocated to it to begin operations would be reassigned to others if it did not commence flights soon
 "Lenders impeding Jet Airways revival: Jalan Kalrock Consortium to NCLAT")
Jet Airways gets two suitors as EoI deadline ends, Hindujas back out
This is the second time that the lenders to Jet called for EoIs. The first round of bidding did not result in any resolution plan for the revival of the airline.
 "Jet Airways gets two suitors as EoI deadline ends, Hindujas back out")
Jet gets second EoI after South America-based Synergy group, stocks gain
It was earlier supposed to end on January 6, however, the lenders decided to extend the deadline if anyone wants to submit an EoI for the defunct airline
 "Jet gets second EoI after South America-based Synergy group, stocks gain")
NCLT warns Jet Airways CoC of contempt proceedings for not releasing funds
The bench directed the CoC to at least pay the amount by January 20, or the tribunal will initiate contempt proceedings against the defaulting members
Jet grounding, delays overshadow Dubai Airshow; airlines review fleet plans
Top of their agenda will be the worldwide grounding of the 737 MAX in the wake of two deadly crashes
 "Jet grounding, delays overshadow Dubai Airshow; airlines review fleet plans")
Lost Jet capacity back in air: With 5 new aircraft, carriers' fleet at 618
When Jet Airways was operating to its full schedule, the total fleet size of Indian airlines had peaked at 614 in January
 "Lost Jet capacity back in air: With 5 new aircraft, carriers' fleet at 618")
Mumbai resident who had Rs 90 lakh with PMC Bank dies of heart attack
Sanjay Gulati, the deceased, had lost his job at Jet Airways when the airline was grounded in April, his famly said. He also had a specially-abled child to support
 "Mumbai resident who had Rs 90 lakh with PMC Bank dies of heart attack")
ED finds gaps in State Bank of India audit of grounded Jet Airways
The probe agency is now planning to conduct an independent audit on Jet
 "ED finds gaps in State Bank of India audit of grounded Jet Airways")
Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency
Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline
 "Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency")
NCLAT directs Jet Airways IRP, Dutch court administrator to coordinate
NCLAT also asks interim resolution professional to submit copy of draft agreement in two weeks, to hear matter on Sep 20
 "NCLAT directs Jet Airways IRP, Dutch court administrator to coordinate")
Jet creditors to recover only $300-$400 mn in liquidation scenario: Report
"The expected recovery on owned planes and real estate is $300-400 million after repaying debt tied specifically to those assets," said one of the sources
Jet fails to find new suitor, further deadline extension for EoI unlikely
Avantulo, Russian fund and Synergy Group are the three bidders
ED conducts searches on Jet Airways offices, Naresh Goyal residences
Action is the part of the probe against the airline under Fema, over the signing of a $150-million deal with Etihad Airways in 2014 for a loyalty programme business
 "ED conducts searches on Jet Airways offices, Naresh Goyal residences")
NCLAT seeks Jet lenders' response on Dutch insolvency administrator's plea
Appellate tribunal asks Jet lenders to file affidavit in a week, to next hear the case on September 4
 "NCLAT seeks Jet lenders' response on Dutch insolvency administrator's plea")
NCLAT asks Jet lenders if they would cooperate with Dutch administrator
A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhyay asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit within a week in this regard
Jet Airways delays quarterly results, cites 'complexities of issues'
The affairs of Jet Airways, which closed down its operations on April 17, are now being managed by resolution professional Ashish Chhawchharia under the insolvency law
Etihad says not feasible to reinvest in Jet, cites unresolved issues
Jet Airways, which shuttered operations on April 17, is undergoing insolvency proceedings and at least three entities have put in initial bids for the carrier
Jet Airways extends deadline for submitting initial bids to Aug 10
The last date has been extended as potential bidders sought additional time, resolution professional Ashish Chhawchharia said
 "Jet Airways extends deadline for submitting initial bids to Aug 10")
Jet lenders may extend Aug 3 deadline for EoIs; 4 parties show interest
Late last month, the resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline that stopped flying mid-April
 "Jet lenders may extend Aug 3 deadline for EoIs; 4 parties show interest")
