Page 2 - Jet Airways Crisis

Jet Airways case: NCLAT to pass order on JKC's plea against SBI on May 30

In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim ...

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company

Go First may be grounded, but IndiGo is in no hurry to expand capacity

According to company management, there is no change in the plan to add more aircraft, which was decided before Go First was grounded

Jet Airways looks into abyss as JKC fails to renew its flying permit

Air operator's permit (AOP) is a prerequisite for any airline to commence commercial operations

Banks tighten rules around lending money to airlines after Go Air crisis

Repeated company failures dent the entire aviation industry's creditworthiness, the chief financial officer of an airline said

Jalan-Kalrock Consortium has missed flight to relaunch Jet Airways: Experts

Changed conditions and consolidation in domestic market have made airline's revival a tougher challenge, they say

Jet Airways revival hits new snag as more employees quit amid uncertainty

In the past week, senior employees, including the company secretary, accountable manager and chief security officer, have quit Jet Airways

Jalan-Kalrock in discussions to order 200 aircraft for Jet Airways

The airline wants to maintain a fleet that allows them to tap the market opportunity in India

Four issues between lenders and Jalan-Kalrock delay Jet Airways take-off

In this complex game of claims and counter-claims, Jet Airways, which was supposed to take to the skies again by October this year, remains firmly on the ground

Jet airways revival hits new snag as banks push back on funding

The new owners meanwhile have indicated that extra money wasn't part of the already agreed upon resolution plan and instead must be taken out of the banks' dues

Jet Airways asks 60% staff to go on leave without pay for 3 months

This news comes after Jet Airways's revival plan hit another roadblock on November 18, after the new owner Jalan-Kalrock told the NCLAT of its inability to pay additional money

Jet Airways consortium may take difficult decisions to manage cashflows

Amid the continuing uncertainty over the fate of grounded Jet Airways, the Jalan Kalrock Consortium on Friday said it has not breached any terms of the insolvency resolution plan and might take difficult near-term decisions to manage cashflows. The consortium's resolution plan was approved by the National Company Law Tribunal (NCLT) in June last year but the airline, which also got its air operator certificate revalidated by aviation regulator DGCA in May this year, is yet to start operations. "... while we await the handover of the company as per the NCLT process, the longer-than-expected time being taken for the same may result in some difficult but necessary near-term decisions to manage our cashflows to secure the future while the airline is still not in our possession," the Jalan Kalrock Consortium (JKC) said in a statement. It did not elaborate on the decisions that could be taken to manage the cashflows. "We have not breached any term of the resolution plan, and we remain ..

Raids on Kalrock Capital's investor: Jet Airways hopes to escape unhurt

The sources said that the raids are on an individual and do not amount to culpability. Also, the investor in the consortium is the PE fund and not an individual

Top Headlines: LIC IPO in 2-3 weeks; Boeing 737 on 'enhanced surveillance'

The government is expecting the launch of the initial public offering (IPO) of Life Insurance Corporation of India (LIC) in two to three weeks

Jet Airways 2.0 faces turbulence before take-off?

The acting CEO of Jet Airways quit this week. The date to seek regulatory permissions for restarting the airline has also been extended twice. Why is the re-launch of Jet Airways looking turbulent?

Jet Airways says its VP-operations Sudhir Gaur has quit the company

Jet Airways on Wednesday said its VP-operations, Sudhir Gaur, who was designated as the airline's 'accountable manager', has quit the company. The grounded airline, which is expected to resume operations this year under its new promoters Murari Lal Jalan-Kalrock consortium, in a regulatory filing clarified that Gaur was not the interim CEO of the company. It also said the Monitoring Committee at its meeting on January 5 has provided its "in-principle approval" to the nomination of Priyapal Singh as the new 'accountable manager' of the company. Jet Airways ceased operations in April 2019. "Sudhir Gaur is not the 'interim CEO' of the company as reported by certain news agencies. Gaur, who recently resigned from the company, was employed in July 2021 as VP- Operations and designated as the 'accountable manager' of the company (for the purposes of the requirements under civil aviation laws and regulations)," Jet Airways said in the filing. It said that the day-to-day operations and ..

Jet Airways staff approaches labour dept over non-payment of gratuity

The NCLT order, which is public now, provides for a very microscopic settlement for employees, which is pegged at Rs 52 crorE

PNB says Jet revival plan is discriminatory, files appeal in NCLAT

PNB is the largest shareholder in Jet Airways with 26 per cent stake which it secured after invocation of a pledge in 2019

Jet Airways staff unions challenge resolution plan, file appeal in NCLAT

Kalrock-Jalan consortium proposed a sum of Rs 52 crore to settle admitted employee claims of Rs 1,265 crore

Financial creditors to take 95% haircut on Rs 7,800 cr Jet Airways dues

Jalan-Kalrock to pay only Rs 385 crore; NCLT asks govt to make slots available for new owners in order to successfully revive the airline