Page 3 - Jet Airways

Jet Airways founder Goyal sent to 14-day custody in bank fraud case

A court here on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the court at the end of his ED remand on Thursday. Goyal was sent to judicial custody by the court as no further remand was sought by the probe agency. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune

Jet Airways founder Naresh Goyal's ED custody extended till Sep 14

A special court here on Monday extended till September 14 the ED remand of Jet Airways founder Naresh Goyal, who has been arrested in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank. Goyal was arrested by the Enforcement Directorate (ED) on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the special PMLA court at the end of his initial remand on Monday. The central probe agency sought his custody for another four day for further investigation in the case. The ED told the court that maximum money siphoned off has been stacked in foreign accounts and there is a person in the United Arab Emirates (UAE) to look after it. Special judge for cases under PMLA, MG Deshpande, then extended Goyal's custody till September 14. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) ...

The Rise and Grounding of Jet Airways' Naresh Goyal

On 1st September 2023, Goyal was arrested by the Enforcement Directorate for alleged money laundering. Watch the video to know about the rise and fall of Naresh Goyal. >

Flying solo into trouble: The rise and fall of Jet Airways' Naresh Goyal

Goyal, who faces accusations of misappropriating Jet Airways' funds, is currently embroiled in a legal struggle with investigative agencies

Goyal used funds of Jet Airways for personal enrichment: ED tells court

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 deposits another Rs 100 cr in Jet Airways under its revival plan

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Thursday said it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore. "JKC confirms to have deposited Rs 100 crores in Jet Airways in less than 48 hours of the NCLAT allowing implementation of the revival plans," it said in a statement. Jet Airways has not flown since April 17, 2019. "With this infusion, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline, the consortium said in the statement. 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.

JKC gets time till Sept-end to pay Jet Airways lenders Rs 350 crore dues

The date for the payment was earlier set for 31 August, but JKC had sought an extension

Jet Airways case: NCLAT extends time till Sep 30 for JKC to pay Rs 350 cr

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways. A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore. The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The NCLAT order is yet to be uploaded on NCLAT website. Earlier, the consortium was to pay Rs 350 crore to the lenders b

Top headlines: Apple, Dell impacted by licensing norms, Jet Airways revival

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NCLAT reserves order on Jalan-Kalrock Consortium's plea in Jet Airways case

The National Company Law Appellate Tribunal (NCLAT) on Monday reserved its order on Jalan-Kalrock Consortium's plea seeking more time to make payments to the lenders of the bankrupt Jet Airways. The consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The consortium is to pay Rs 350 crore to the lenders by August 31 but has sought an extension for making the payment. A three-member NCLAT bench said it will pass the order on next Monday and has granted three days' time to the parties to file their written submissions. "Heard learned counsel for the parties... orders on August 28, 2023. Parties are at liberty to file their short notes of submission of not more than three pages within three days," the appellate tribunal said. The bench would also decide the consortium's plea to consider a performance bank guarantee of Rs 150 crore as part of the payment of Rs 350 crore. The consortium h

Jet Airways revival: Lenders likely to give JKC an extension to pay dues

On Monday, however, the lenders argued that the Performance Bank Guarantee of Rs 150 crore is a backup and cannot be invoked at this stage

Jet Airways insolvency: NCLAT asks consortium to file application on terms

The National Company Law Appellate Tribunal on Friday asked the Jalan-Kalrock consortium, the winning bidder for bankrupt Jet Airways, to file an application within 24 hours, explaining the modalities for payment of Rs 350 crore to the lenders. The appellate tribunal has also directed the Committee of Creditors of Jet Airways to file a response over the consortium's application stating the condition for an extension for the payment. "Learned Counsel for the Respondent (consortium) seeks liberty and is allowed to file an application within 24 hours. Response to the application be filed by the appellant (lenders) by the date fixed," said NCLAT. A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra has directed to list this appeal on August 21 for the next hearing. It also allowed the consortium "to file hard copy of the Application regarding payment of gratuity etc" to the employees of Jet Airways. During the proceedings, the Committee of Creditors (C

JKC seeks additional time to pay Rs 350 crore to Jet Airways' lenders

The appellate tribunal instructed JKC to file an application, stating the revised schedule of the payment within 24 hours, and posted the matter for August 21

May withdraw NCLAT appeal if Jalan-Kalrock deposits Rs 350 cr: Jet lenders

The appeal filed by the State Bank of India, the chief creditor to Jet Airways, is related to the transfer of the ownership of Jet Airways to the Jalan-Kalrock consortium

DGCA renews Jet Airways Air Operator Certificate with conditions: Official

Aviation safety regulator DGCA has renewed with conditions the Air Operator Certificate (AOC) of Jet Airways until September 3, a senior official said on Monday. Cash-strapped Jet Airways stopped flying on April 17, 2019. The AOC was re-issued on May 20, 2022. However, since the airline did not start operations, it expired on May 19 this year. "DGCA (Directorate General of Civil Aviation) has extended the AOC in respect of Jet Airways for a period up to 03.09.2023 only for the limited purpose of completing the ongoing CIRP," said the official. The extension of AOC, however, is subject to certain conditions, he said. Earlier in the day, Jalan-Kalrock Consortium, the winning bidder for the bankrupt airline said in a statement that the DGCA has renewed the airline's AOC. Last week, JKC announced the appointment of Jatinderpal Singh Dhillon as the airline's accountable manager. Earlier this month, two whole-time directors and a non-executive director were appointed at Jet Airways.

Jet Airways shares bolt 5% as DCGA renews its air operator certificate

Jet Airways stock was locked in the 5 per cent upper circuit on the BSE as Jalan-Kalrock Consortium received renewed permit to fly the airline

DGCA renews air operator certificate of cash-strapped Jet Airways

The airline had stopped flying on April 17, 2019, and its AOC expired over two months ago on May 19 this year

Reinstate 169 workers with full back wages: Supreme Court tells Jet Airways

Jet Airways, once India's largest private airline, ceased operations in April 2019, unable to meet its financial obligations

JKC appoints Jatinderpal Dhillon as accountable manager for Jet Airways

Jalan-Kalrock Consortium, the winning bidder for bankrupt Jet Airways, on Wednesday announced the appointment of Jatinderpal Singh Dhillon as the airline's accountable manager. The appointment of Dhillon, a seasoned pilot who has also served in the Indian Navy, is effective from July, JKC said in a statement. Jet Airways, which has not flown since April 17, 2019 due to financial crunch, went through lengthy insolvency proceedings and the Jalan-Kalrock Consortium (JKC)emerged as the winning bidder. However, the transfer of ownership to JKC is yet to happen amid persisting differences with the airline's lenders. "The Jalan-Kalrock Consortium announces the appointment of Jatinderpal Singh Dhillon as the Accountable Manager for Jet Airways. "The consortium is confident that Dhillon would play a crucial role in the operational preparedness of Jet Airways along with JKC," it said in a statement. Further, the statement said the step reinforces JKC's cohesive commitment to revive Jet Air

Jet Airways appoints two whole-time directors, CFO from tomorrow onwards

Grounded Jet Airways on Thursday announced the appointment of two whole time directors and a non-executive director. Sundaram Ramesh has been appointed as a Whole Time Director and Chief Financial Officer, Gautam Acharya as a Whole Time Director and Rajesh Prasad as a Non-Executive Director, according to a regulatory filing. The appointments, with effect from Thursday, have been approved by the airline's monitoring committee. As per the filing, the appointments have been made "for the purpose of ensuring compliance with applicable laws, to execute and make filings with the Registrar of Companies and assist in implementation of the resolution plan". Ramesh has more than 40 years experience in finance, accounts and taxation, among other areas. Prasad, who has around 40 years of diversified experience, had joined Jet Airways in July 2018 as its Chief Strategy Officer while Acharya is an aviation professional having specialised in commercial aviation for the last 20 years, the filing .