JET AIRWAYS NEWS
How 2024 turned out to be a turbulent ride for Indian flyers
Indian aviation in 2024 faced severe turbulence, from a surge in hoax bomb threats disrupting flights to soaring airfares and infrastructure woes. Passengers endured tarmac ordeals, including a distressing incident in Mumbai, while a Microsoft outage grounded hundreds of flights. Roof collapses at major airports further exposed safety concerns, making 2024 a challenging year for air travel in India.
Satish Gupta appointed liquidator for Jet Airways
Jet Airways is officially entering liquidation after a five-and-a-half-year struggle to resolve its ?7,800 crore debt. The Supreme Court overturned the NCLAT's approval of a takeover bid, leading the NCLT to appoint Satish Kumar Gupta as liquidator. The consortium, unable to meet revival conditions, sealed the airline's fate after years of insolvency proceedings.
Supreme Court orders liquidation of Jet Airways on failure of resolution plan
Jet Airways Liquidation: The Supreme Court has ordered the liquidation of Jet Airways, rejecting a takeover bid by Kalrock Capital and Murari Lal Jalan. The court found the NCLAT's approval of the bid disregarded a previous Supreme Court ruling and determined liquidation to be in the best interest of lenders and employees.
SpiceJet is struggling to defy gravity. What are the odds?
SpiceJet, once a leading airline, is grappling with severe financial distress. Grounded aircraft, unpaid dues, and a dwindling market share have exacerbated its troubles. Promoter Ajay Singh is attempting to raise funds through various means to revive operations and settle liabilities, but challenges persist.
IndiGo ditches single class model with premium class and loyalty program
IndiGo, India¡¯s largest airline, plans to introduce a premium class called "IndiGo Stretch" by November, featuring 12 business class seats on 45 Airbus A321neos and enhanced amenities like extra legroom, wider seats, and priority services. This move aims to compete with Air India and tap into the growing premium market. Alongside, IndiGo will launch a loyalty program for frequent flyers.
IndiGo flags higher inflationary environment, escalation in fuel, airport costs
Airport charges have also started to climb upwards, and the airline is monitoring it as well as having discussions with airport partners. Further, maintenance works are going through a bit of an inflationary cycle, he said during an analyst's call.
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Qatar Airways closes in on major Boeing, Airbus widebody order, Bloomberg News reports
The Middle East carrier is looking at ordering about 200 jets, looking at a mix of Airbus A350s and Boeing 777X models, with a decision possible as soon as the Farnborough Air Show in Britain late next month, the report said. Airbus said it is constantly in talks with customers about fleet needs but did not disclose any details, while Boeing deferred to Qatar Airways when asked for a comment.
Vijay Mallya condolles 'fordimable competitor' Anita Goyal's death, remembers Jet Airways founder's wife as a 'lovely human being'
Anita Goyal, wife of Jet Airways founder Naresh Goyal, passed away after battling cancer. Vijay Mallya expressed condolences, acknowledging her role in Jet Airways amidst ongoing investigations into the airline's financial dealings. Naresh Goyal's legal challenges were also referenced, with his recent bail granted in a money laundering case. Vijay Mallya's own legal situation, stemming from Kingfisher Airlines' financial troubles, remains unresolved as extradition efforts continue.
Jet Airways founder Naresh Goyal granted 2 months' interim bail in money laundering case
The Bombay High Court granted Jet Airways' founder Naresh Goyal two months' interim bail in a money laundering probe, citing medical grounds due to his and his wife Anita Goyal's cancer conditions. The Enforcement Directorate opposed, suggesting hospital extension. Earlier, Goyal's bail plea was rejected, leading to his and his wife's arrests in September and November 2023 respectively.
SC issues notice to JKC and Jet Airways on SBI-led consortium's petition challenging NCLAT's March order
The Supreme Court issued notices to Jet Airways and the Jalan Kalrock Consortium after a consortium led by State Bank of India challenged the NCLAT's March ruling affirming the transfer of bankrupt Jet Airways to JKC. Almost a year ago, the SC permitted the transfer to JKC. The case was heard by a bench led by Chief Justice of India CJI Chandrachud.
NCLAT upholds Jet Airways' ownership transfer to Jalan Kalrock Consortium
The NCLAT has directed the monitoring committee of Jet Airways to complete the transfer of the airline's ownership to Jalan Kalrock Consortium (JKC) within 90 days. The tribunal also directed JKC to obtain an air operator's certificate within the same period. Additionally, the NCLAT allowed the adjustment of the Performance Bank Guarantee of Rs 150 crore towards the first tranche payment of Rs 350 crore.
Jet Airways resolution: SC asks Jalan Kalrock Consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides.
Lost every hope of life, better to die in jail: Jet Airways founder Naresh Goyal to court with folded hands
The court directed his lawyers to take appropriate steps concerning his health. In his bail plea filed last month, Goyal cited multiple medical ailments like heart condition, prostate and orthopaedic issues and claimed there were reasonable grounds to believe that "he is not guilty". The ED has filed a response to his bail plea and the matter will be further heard on January 16.
NCLAT to wait for the outcome of SC petitions to decide on Jet Airways¡¯ bidder JKC case
The National Company Law Appellate Tribunal (NCLAT) will decide the status of Jet Airways bidder Jalan Kalrock Consortium after the Supreme Court addresses pending petitions. JKC faces challenges in various forums questioning its right to operationalize the airline, with the State Bank of India-led consortium contesting ownership transfer due to resolution plan violations.
HC dismisses Jet Airways founder Naresh Goyal's plea against 'illegal' arrest by ED
The Bombay High Court dismissed Jet Airways founder Naresh Goyal's petition challenging his arrest by the Enforcement Directorate in a money laundering case linked to bank loan default. The court deemed the petition inadmissible and suggested pursuing other statutory remedies such as a bail plea.
Jet Airways¡¯ lenders move SC against Jalan-Kalrock
The State Bank of India-led consortium of lenders has filed an application with the Supreme Court, seeking the winding up of debt-laden Jet Airways and initiation of the liquidation process. The consortium alleges that the Jalan-Kalrock consortium, which recently infused Rs 350 crore into the bankrupt airline, has not taken appropriate steps to meet its obligations as per the approved Resolution Plan.
JKC completes infusion of Rs 350 cr in Jet Airways, says airline will start ops in 2024
The Jalan Kalrock Consortium has deposited Rs 100 crore in Jet Airways, bringing their total investment in the grounded carrier to Rs 350 crore. The new promoters are determined to revive the airline and have set a target to resume operations by 2024. The consortium has fulfilled its financial commitment as per the court-approved resolution plan and is now awaiting regulatory processes to take control of the airline.
Jet Airways shares hit 5% upper circuit. Here's why
"JKC, the new proposed promoters of Jet Airways, today completed an additional infusion of Rs 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways. With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline," Jet Airways said.
Special PMLA court remands Jet Airways' founder Naresh Goyal to ED¡¯s custody until September 11
The Enforcement Directorate on Saturday was granted custody of erstwhile promoter of Jet Airways Naresh Goyal till September 11. He was taken into custody on Friday under the Prevention of Money Laundering Act (PMLA), which was registered by the CBI, following a long session of questioning at the central agency's office in Mumbai.
Kalanithi Maran Vs SpiceJet: Airline director challenges before Delhi HC single-judge order upholding arbitral award
Low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh before the Delhi High Court have challenged a single-judge order upholding, in favour of Sun Group Chairman Kalanithi Maran and Kal Airways, an arbitral award passed by the tribunal comprising three retired Supreme Court judges.
Jet Airways¡¯ lenders agree to give Jalan Kalrock Consortium extension till Sep 30 to make payments
The committee of creditors (CoC) of bankrupt airline Jet Airways on Monday agreed to give an extension to the payment deadline to the Jalan Kalrock Consortium till September 30, but differed on the mode.
Jalan Kalrock Consortium seeks more time to pay Rs 350 cr to Jet Airways¡¯ lenders
The NCLAT has asked the Jalan Kalrock Consortium to file an application stating the conditions for seeking an extension to make payments to Committee of Creditors of bankrupt airline Jet Airways. The application filed by the State Bank of India, the primary lender, and others pertains to the transfer of ownership of the airline to JKC.
Stocks in news: Inox Wind, Coal India, 360 One Wam, SBI Life, IRCTC
Promoters Inox Wind Energy and Devansh Trademart have sold 4.5% and 2.8% stake each in Inox Wind through block deals at a weighted average price of Rs 208 a piece.
Jet Airways' CoC asks Jalan Kalrock Consortium to pay Rs 350 crore
Bankrupt airline Jet Airways's CoC has asked the Jalan Kalrock Consortium to pay Rs 350 crore. The CoC said that they may not pursue the appeal for transfer of ownership if the said amount is paid
Jet Airways shares hit 5% upper circuit after DGCA nod to air operator certificate
The Director General of Civil Aviation (DGCA) on Friday, July 28, re-issued the Air Operator Certificate (AOC) which expired on May 19, 2023, as the airline did not start operations after getting an AOC from the DGCA on May 20, 2022, PTI reported.
Akasa Air to add 800 staff, operate internationally
India's newest airline, Akasa Air, plans to hire up to 800 new workers by the end of the fiscal year in preparation for starting international services. The low-cost carrier, which began operating in 2022, will keep the single-class configuration for routes expanding to the Middle East, Southeast Asia, and other parts of South Asia, including Sri Lanka, Nepal, and Bangladesh.
Akasa Air: An airline with Jhunjhunwala's Midas touch is flying high. Where is it headed?
Akasa Air, India's young airline, has become the first airline in the global aviation industry to increase its fleet from zero to 20 aircraft within a year of operation. It is set to include a 20th plane in July, with a total of 72 planes expected by March 2027. While the short lifespan of most Indian airlines has made launching an airline in the country challenging, Akasa has increased its market share from 0.2% to 4.8%, flying 24,000 passengers in August 2020, rising to 629,000 in May 2021. It remains focused on long-term sustainability despite market competition.
History of India's private airlines dotted with high-profile take-off and crash landing
The list of failed airlines in India is quite long - full service or low-cost - and the major reason was financial crunch due to various factors. Many of these airlines were promoted by well-known industrialists/industrial groups.
Jet Airways saga: Jalan Kalrock Consortium writes to monitoring panel's authorised representative
In the letter on Tuesday, the consortium has also sought a copy of the relevant minutes of the MC meetings in which the matter of CEO-designate Sanjiv Kapoor was "discussed and deliberated". "We request you to forthwith share a copy of the relevant minutes of the Monitoring Committee meeting in which this matter was discussed and deliberated and/or a resolution was passed to issue such a letter to Kapoor," it stated.
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