NCLAT asks Jet Airways to vacate office from Mack Star Marketing’s premises
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has directed Jet Airways, which is preparing to resume flight services in the coming months, to vacate its office from the premises of Mack Star Marketing in Mumbai. While passing an order on May 6, a three-member bench of the NCLAT also said that no monthly […]
Jet Airways appoints Sanjiv Kapoor as CEO
NEW DELHI: Grounded carrier Jet Airways on Friday announced the appointment of Sanjiv Kapoor as the chief executive officer. His appointment to the post comes days after the airline brought in former Sri Lankan Airlines CEO Vipula Gunatileka as the chief financial officer. Kapoor, who is currently the president of Oberoi Hotels and Resorts, has […]
Jet Airways in ‘advanced discussions’ with Boeing, Airbus for buying aircraft
NEW DELHI: Jet Airways, which is preparing to relaunch operations next year, on Friday said it is in “advanced discussions” with Boeing and Airbus for buying and leasing planes. The grounded airline has been acquired by Murarilal Jalan-Kalrock Capital consortium under the insolvency resolution process. The ongoing discussions are part of the grounded airline’s revival […]
Jet Airways shares continue to fly high
NEW DELHI: Shares of Jet Airways extended their rally to Wednesday, gaining 5 per cent, after the National Company Law Tribunal (NCLT) gave its nod to the Jalan Kalrock Consortium’s bid for the airline. The stock jumped 4.98 per cent to Rs 104.40 — its upper circuit limit — for the day on both BSE […]
NCLT approves Jalan Kalrock Consortium”s resolution plan for Jet Airways
NEW DELHI: The National Company Law Tribunal (NCLT) on Tuesday approved the Jalan Kalrock Consortium”s resolution plan for the bankrupt-Jet Airways, two years after the once-storied airline went into insolvency proceedings. Financial distress forced Jet Airways, which flew for more than two decades, to suspend operations on April 17, 2019 and a consortium of lenders, […]
Jet Airways engineers’ body files NCLT application for quick resolution
NEW DELHI: The Jet Airways Aircraft Maintenance and Engineers Workers Association (JAMEWA) has filed an application with the NCLT to expedite the insolvency process of the airlines before the end of this month so that it can get ‘summer slots’. According to the application filed on Wednesday, “for summer months the international slots will be […]
Jalan-Kalrock consortium plans to operationalise Jet Airways by summer 2021
NEW DELHI: The consortium led by Murari Lal Jalan and Kalrock Capital on Monday said that it plans to operationalise Jet Airways by the summer of 2021, subject to certain conditions. Accordingly, the consortium has announced the revival of Jet Airways as a full-service carrier. “The Jet 2.0 programme is aimed at reviving the past […]
Kalrock-Jalan’s plan for Jet Airways submitted to NCLT
NEW DELHI: The resolution professional of Jet Airways has submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the National Company Law Tribunal (NCLT). Once the the Mumbai-bench of the tribunal gives the go-ahead, the winning consortium of Jalan and Florian Fritsch can pump in funds required […]
Jet Airways may fly again in 4 months after new management takes over
NEW DELHI: The much-awaited Jet Airways’ resolution is finally heading towards a success, with the resolution plan of Kalrock Capital and Murari Lal Jalan having been approved by the Committee of Crediors (CoC). Now, after the resolution process has been completed and the Kalrock-led consortium takes over the airline, the first task would be to […]
Jalan-Fritsch resolution proposal wins bid for Jet Airways
NEW DELHI: Jet Airways on Saturday said that the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has won the bid to acquire the airline. The announcement was made by the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process via a regulatory filing. Ashish Chhawchharia, […]
Kalrock consortium not declared successful applicant: Jet Airways
NEW DELHI: Jet Airways has clarified that the Kalrock Capital-Murari Lal Jalan consortium has not won the bid for the airline. In a regulatory filing, the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process, clarified the status. Ashish Chhawchharia, the RP for Jet Airways, said that the […]
Former Jet Airways CEO Vinay Dube joins GoAir in advisory role
NEW DELHI: Former Jet Airways chief executive Vinay Dube has joined budget carrier GoAir in an advisory role, a source said on Saturday. Dube had quit defunct Jet Airways on May 14, nearly a month after the airline ceased operations due to severe liquidity crisis. According to the source, GoAir wanted to hire him for […]
Man, who lost job at Jet Airways and money at PMC Bank, dies
NEW DELHI: A 51-year-old city resident whose deposit of over Rs 90 lakh was stuck with the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank died of a heart attack, hours after taking part in a protest by bank customers who are seeking their money back. Sanjay Gulati, the deceased, had lost his job at Jet […]
NCLT directs Jet Airways lenders to disburse lifeline funds within 15 days
NEW DELHI: The National Company Law Tribunal (NCLT) Wednesday directed the financial creditors of the grounded Jet Airways to release some interim lifeline funds within 15 days. The lenders had in-principle sanctioned Rs 63 crore to the RP and SBI, the lead lender, had reportedly already disbursed its portion of Rs 10 crore. However, other […]
Dutch administrator, Jet Airways’ RP agree to cooperate in insolvency
NEW DELHI: The resolution professional of Jet Airways and Dutch insolvency administrator have agreed to cooperate in insolvency proceedings against the debt-ridden airline, the National Company Law Appellate Tribunal (NCLAT) was informed on Friday. The RP and the Dutch Court Administrator have agreed on terms and conditions on which they will cooperate in the ongoing […]
Jet Airways fails to attract new bidders, deadline unlikely to be extended
NEW DELHI: Grounded Jet Airways, which is undergoing insolvency proceedings, failed to attract any new bidders during the extended deadline period for submission of initial bids, according to a source. The third deadline for submission of Expression of Interest (EoI) ended on August 31. With no new bidders emerging during this period, there are only […]