Anil Agarwal changes his mind, says won’t invest in Jet Airways
NEW DELHI: In the second major setback to the lenders bid to revive the grounded Jet Airways by selling it out, billionaire businessman Anil Agarwal, a day after announcing interest in the airline, Monday said he is no longer interested to pursue the deal. With this, only two financial investors are left in the fray. […]
Jet Airways employees seek interim financial relief till completion of resolution
NEW DELHI: Scores of Jet Airways employees on Tuesday gathered in the national capital and sought an interim financial assistance till completion of the insolvency resolution process. The once-storied full service carrier stopped flying on April 17 as it ran out of money for daily operations. An employees’ consortium has demanded that the Committee of […]
Bankrupt Jet Airways extends deadline for initial bids to August 10
NEW DELHI: The lenders to the defunct Jet Airways has decided to extend the deadline for submitting expression of interest by a week to August 10. Late last month, the resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline that stopped flying mid-April. Today was the deadline putting in the EoIs […]
Jet Airways’s resolution professional invites expressions of interest by August 3
NEW DELHI: The resolution professional (RP) of Jet Airways on Saturday called for expressions of interest (EoIs) to sell the grounded airline’s meager assets by August 3. In an advertisement posted on the airline’s website and in newspapers, the RP, Ashish Chhawchharia, appointed by Jet Airways’ lenders, has set a deadline of August 3 for […]
Insolvency proceedings initiated against Jet Airways
NEW DELHI: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed […]
Jet Airways’ bankruptcy process begins, stock soars 150%
NEW DELHI: Jet Airways on Thursday became the first domestic airliner to go into bankruptcy as the NCLT admitted an insolvency petition filed by State Bank on behalf of 26 lenders, sending its share price soaring a whopping 150 percent after having plumbed life-lows for many days. While SBI made a claim of Rs 967 […]
Private operators’ plan for aircraft security hits air pocket
NEW DELHI: The plan of private airport operators to hire staff from the grounded Jet Airways for security-related work has hit an air pocket with the Civil Aviation Ministry mulling the issue of a clarification to its March 2019 notification that reserves these functions only for airlines. Hoping that the government would open up a […]
Jet Airways a ‘wake up call’; policymakers to be partly blamed: SpiceJet chief
NEW DELHI: The failure of Jet Airways should be a “wake up call” for the aviation industry and at least part of the blame should be at the doorstep of the policymakers as the cost structure is high, SpiceJet chief Ajay Singh has said. Low-cost carrier SpiceJet is expanding its operations and is set to […]
Naresh Goyal, wife stopped from going abroad at Mumbai airport: Sources
MUMBAI: Former chairman of Jet Airways Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad on Saturday by the immigration authority at Mumbai airport, sources said. The couple was to travel by Dubai-bound Emirates flight EK 507 when the immigration authority denied them permission to fly, they said. The checked in […]
Hinduja Group evaluating opportunity to invest in debt-ridden Jet airways
NEW DELHI: Diversified Hinduja Group is evaluating opportunity to invest in Jet Airways, which has been grounded for more than a month now. Lenders to the full service carrier, which temporarily shuttered operations on April 17 as it ran out of cash, are looking for possible suitors. While the SBI-led lenders’ consortium is still working […]
Etihad nominee on Jet Airways board Robin Kamark quits
NEW DELHI: Grounded carrier Jet Airways on Friday said Etihad nominee director on the airline’s board, Robin Kamark, has quit the company with effect from May 16. After Kamark’s exit, only Ashok Chawla and Sharad Sharma remain on Jet Airways board, which ceased operations around mid-April. The Gulf-based Etihad, which acquired 24 per cent stake […]
Etihad, two others submit financial bid for Jet Airways
NEW DELHI: The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. The consortium of 26 lenders, which now owns 51 percent in the airline, had invited expressions of interest between April […]
Vistara to hire 100 pilots, 400 cabin crew from grounded Jet Airways
NEW DELHI: In one of its largest hiring exercise since it began operations over three years back, the premium carrier Vistara is hiring around 500–100 pilots and 400 cabin crew–mostly from the grounded Jet Airways, say industry and airline sources. The grounding of Jet has come as an opportunity for the market to hire readily-available […]
Air India chief meets SBI chairman over leasing 5 Boeing planes from Jet Airways
NEW DELHI: Air India chairman Ashwani Lohani held preliminary talks with his State Bank counterpart Rajnish Kumar in the Capital Friday on the national carrier’s interest in leasing five Boeing 777s from the now-grounded Jet Airways, sources close to the development said. The meeting lasted for over more than an hour at the Airlines House, […]
Jet Airways to ground operations temporarily from tonight
NEW DELHI:Teetering for over four months due to cash-drought, Jet Airways, flying for over 25 years, Wednesday said its last flight will takeoff later this night, after its lenders refused to offer a Rs 400-crore lifeline. “With immediate effect, we are compelled to cancel all our international and domestic flights. The last flight will operate […]
Jet Airways says awaiting “emergency liquidity support” from lenders
NEW DELHI: Cash-strapped Jet Airways on Tuesday said it is awaiting “emergency liquidity support” from the State Bank of India (SBI)-led consortium of lenders to arrest further deterioration in its services. The airline, which is operating only five planes, said its operations have been severely impacted due to critical liquidity position. “The company’s leadership, in […]