Jet Crisis

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 ...

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

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.

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

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

Top of their agenda will be the worldwide grounding of the 737 MAX in the wake of two deadly crashes

When Jet Airways was operating to its full schedule, the total fleet size of Indian airlines had peaked at 614 in January

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

The probe agency is now planning to conduct an independent audit on Jet

Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline

NCLAT also asks interim resolution professional to submit copy of draft agreement in two weeks, to hear matter on Sep 20

"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

Avantulo, Russian fund and Synergy Group are the three bidders

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

Appellate tribunal asks Jet lenders to file affidavit in a week, to next hear the case on September 4

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

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

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

The last date has been extended as potential bidders sought additional time, resolution professional Ashish Chhawchharia said

Late last month, the resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline that stopped flying mid-April