Jet Airways to resume domestic services from early 2022
Business | September 13, 2021 13:14 ISTJet Airways was grounded in April 2019 due to fund crunch and high debt.
Jet Airways was grounded in April 2019 due to fund crunch and high debt.
The now-grounded Jet Airways is likely to take the skies again within six months from now. On June 22, the Mumbai bench of the NCLT approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots
A brief timeline of the insolvency resolution process of Jet Airways, which started off as an air tax operator in 1993 and became a scheduled carrier in 1995.
The National Company Law Tribunal (NCLT) on Tuesday approved Jalan Kalrock Consortium's resolution plan for the bankrupt-Jet Airways.
The consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital - which has won the bid to revive Jet Airways - on Monday said it expects to start operating the airline by the summer of 2021.
City-based Vrihis Properties has emerged as a successful bidder for the Jet Airways' Bandra Kurla Complex-situated premises and the company has "decided" to accept its offer at Rs 490 crore, now-defunct Jet Airways said in a regulatory filing on Saturday.
The Enforcement Directorate (ED) has objected to the Mumbai Police filing a closure report in a cheating case registered earlier against now-defunct Jet Airways, its promoter Naresh Goyal, and his wife.
The NCLT has allowed Jet Airways to sell its premises in Bandra Kurla Complex (BKC) to settle Rs 360 crore dues of mortgage lender HDFC, clear overseas debt and cover corporate insolvency resolution process costs.
Jet Airways, which suspended services more than a year ago due to cash crunch, has offered two of its Boeing planes for operations under the Vande Bharat Mission to evacuate Indians stranded in foreign countries, according to a communication.
The Committee of Creditors (CoC) of the insolvent Jet Airways is scheduled to meet on Thursday to discuss on the future course of action as it has not received any resolution plan from the suitors who had expressed their interest in the grounded airline.
Enforcement Directorate (ED) raid is underway at the residence of former Chairman of Jet Airways, Naresh Goyal.
The Enforcement Directorate (ED) on Wednesday filed a fresh case of money laundering against Naresh Goyal, former chairman of the grounded Jet Airways, and the airlines.
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.
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