Bankrupt Jet Airways plans to sell its Netherlands business to KLM Royal Dutch Airlines, according to a regulatory filing. The domestic full-service carrier, which shuttered operations last April, is undergoing insolvency resolution process.
"We again reiterate and instruct the Committee of Creditors (CoC) to release the interim amount as required by the RP of the grounded airline, so that the corporate insolvency resolution process (CIRP) is completed and the assets of Jet are not devalued," Mumbai-bench of NCLT in its order said.
The domestic traffic data in the April-September period, during which the passenger volume grew a mere 2 per cent, also reflects this estimate, rating agency said in its aviation outlook note.
The National Company Law Tribunal (NCLT) on Friday approved extension of Jet Airways insolvency resolution period by 90 days. The Committee of Creditors (CoC) sought extension of corporate insolvency resolution process (CIRP) of Jet Airways from the Mumbai bench of the NCLT in view of South America's Synergy Group wanting more time for due diligence and two new interests being shown for the grounded airline.
The Naresh Goyal-led Jet Airways, which was the largest private carrier at its time, was grounded on April 17 due to financial troubles. Jet Airways employed around 18,000 people, when the carrier suspended its international and domestic flights.
With Jet Airways shutting down in April, the Lufthansa airline group is planning to "strengthen" its partnership with Indian airlines like Vistara and Air India in 2020, the top Indian official of the largest European carrier said.
Dube had quite defunct Jet Airways on May 14, nearly a month after the airline ceased operations due to severe liquidity crisis.
In a major breakthrough for India's insolvency mechanism which is still in its evolving stage, Jet Airways would be the first Indian company to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with the Insolvency and Bankruptcy Code (IBC) of India.
The airline has inked a pact for leasing the four MAX aircraft, SpiceJet Chairman and Managing Director Ajay Singh told shareholders at the company's annual general meeting in New Delhi on Monday, according to a source.
The RP of Jet Airways had moved NCLT on September 20 seeking directions to the lenders, who own 51 percent in the airline since March, to release interim funds.
This is the first time that the central agency is grilling him after it conducted searches against him last year. Goyal's statement has been recorded under the Foreign Exchange Management Act (FEMA) at the agency's zonal office here, they said.
The searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence.
In April, the temporary suspension of Jet Airways' operations had created a capacity crunch in the domestic sector. Consequently, 280 slots in Mumbai and over 160 in Delhi were left vacant.
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. In the communication to the exchanges, Chhawchharia said that prior to the commencement of the resolution process, directors, chief executive officer, chief financial officer, company secretary and other top management personnel had resigned from the company.
In his complaint, the passenger from Chhattisgarh had said he had booked a flight from Raipur to Kolkata on June 9, 2012. The flight which was scheduled to depart at 9.25 pm, was combined with another flight which left at 10.40 am, more than 10 hours before the scheduled departure.
Anil Agarwal said, "the EoI for Jet Airways by Volcan was exploratory in nature. On further evaluation and considering other priorities, we intend to not pursue this further."
Volcan Investments, the family trust of Vedanta Chairman Anil Agarwal, has shown interest to invest in the now grounded Jet Airways and has submitted an Expression of Interest (EoI) for the debt-ridden airline.
The airports in Chennai have 34 unused slots, Indore 18, Guwahati 12 and Ahmedabad have 8 slots, the minister said in a written reply to a question in the Lok Sabha.
The Delhi High Court on Tuesday asked Jet Airways promoter Naresh Goyal to submit Rs 18,000 crore in bank guarantees in order to be allowed to travel abroad.
Citing the reasons for his visit abroad, Goyal's counsel told that court that he needed to explore financial options for the airlines which is facing a serious financial crunch. Senior advocate Maninder Singh said that Goyal was an NRI and a resident of Dubai and hence he needed to go back to the UAE before July 10. Else, his residential rights would be revoked.
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