JET AIRWAYS EMPLOYEES
NCLAT directs Jet ownership transfer to Jalan Kalrock team
The National Company Appellate Tribunal (NCLAT) directed the transfer of Jet Airways' ownership to Jalan Kalrock Consortium (JKC) within 90 days. JKC must obtain an air operator's certificate. The tribunal allowed the adjustment of the performance bank guarantee towards the first tranche payment. Payments to workmen, employees, and creditors will be made as per the resolution plan.
Jet Airways hits 5% upper circuit after NCLAT approves ownership transfer to Jalan Kalrock
The appellate tribunal had asked lenders to complete the formalities within 90 days and give control to the Kalrock Consortium. A plea filed by State Bank of India-led consortium in this regard has been disposed of.
SpiceJet's Chief Commercial Officer, several members resign, airline confirms
Indian airline Spicejet has confirmed that several members of its commercial team, including the Chief Commercial Officer, have left the company with immediate effect. This move is part of SpiceJet's strategic restructuring plan.
Go First liquidation a possibility; lowballed banks may seek better offer
SpiceJet consortium and SkyOne are frontrunners in the race for Go First as present. Lenders may ask bidders to improve offers in the resolution process for the airline. Lack of information has hampered bid conditions. Previous attempt to sell failed due to lack of information and protracted delays.
SpiceJet-Credit Suisse Case: SC says no scope for belated payment, asks carrier to clear dues by March 15
The Supreme Court directed SpiceJet to clear all outstanding dues to Credit Suisse by March 15. The court had earlier granted SpiceJet six months to settle arrears with Credit Suisse. SpiceJet, facing financial challenges, has also bid for bankrupt carrier Go First. Ajay Singh, SpiceJet CMD, has been summoned to appear before the court on March 22
SpiceJet promoter Ajay Singh, Busy Bee Airways submit bid for GoFirst
SpiceJet promoter Ajay Singh and Busy Bee Airways jointly bid for financially troubled GoFirst, planning to operate it with SpiceJet's support. Singh highlighted Go First's potential and aims to leverage its strengths. The NCLT granted a 60-day extension to Go First's resolution process. SpiceJet, restructuring its finances, recently laid off staff and secured Rs 744 crore capital infusion.
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Jet Air bid winners approach SC with new payment plan
Lawyers involved with the process said that they have approached the court to accept this new plan as the consortium is getting funding from Dubai. Since both promoters are NRIs, it takes time to get permission from the Reserve Bank of India (RBI) as this is governed under the Foreign Exchange Management Act. Bank holidays delayed the process of securing a fresh guarantee. "This plan of payment will enable us to adhere to the Supreme Court's directives, ensuring that the consortium already has ₹150 Crores in India which can immediately be deposited in the share application of Jet Airways," a lawyer said.
Air India will have more CAT 3 pilots to handle fog disruption: CEO Campbell Wilson
Air India CEO Campbell Wilson announced plans to rebuild crew schedules, increase trained pilots for low visibility conditions, and implement preventative measures to reduce disruptions caused by fog during the next winter season. This decision comes after flight operations at Delhi Airport were thrown into chaos due to thick fog and a non-operational runway.
Jet Airways resolution: SC asks Jalan Kalrock Consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides.
SC asks new owners of Jet Airways how much they paid towards PF, gratuity dues of employees
The Supreme Court has raised questions regarding the payment of dues owed to former employees of Jet Airways by the Jalan-Kalrock consortium, the new owners of the financially troubled airline. During the hearing of various petitions, including one filed by the Jet Aircraft Maintenance Engineers Welfare Association, the apex court sought information on the amount paid towards provident fund and gratuity.
NCLAT to wait for the outcome of SC petitions to decide on Jet Airways’ bidder JKC case
The National Company Law Appellate Tribunal (NCLAT) will decide the status of Jet Airways bidder Jalan Kalrock Consortium after the Supreme Court addresses pending petitions. JKC faces challenges in various forums questioning its right to operationalize the airline, with the State Bank of India-led consortium contesting ownership transfer due to resolution plan violations.
ED attaches property worth Rs 538 crore in Jet Airways case
The Enforcement Directorate has attached assets worth Rs 538 crore in a money laundering probe involving bankrupt airline Jet Airways. Founder Naresh Goyal and others face charges, with Goyal currently in custody at Arthur Road. The seized properties include residences and commercial spaces owned by Goyal, his family, and related companies in India, London, and Dubai.
Bond and notice period for pilots justified only when airline has invested in training them: Air India CEO Wilson
“I think if an airline is investing in training people, then it's quite common practice that there is some sort of bond with the organization and if someone leaves before the agreed period, there is a compensatory mechanism for the airline that has invested. This is quite different when the pilot has been already trained by someone else and you pick up because you have a desperate need because you have not prepared or invested in increasing capability,” Wilson said when asked if there should be a notice period for pilots.
How Jet Airways founder Naresh Goyal built a successful airline and then sank it
Naresh Goyal, the founder of Jet Airways, has been arrested by the Enforcement Directorate in connection with a money-laundering case. Goyal, who once led India's largest domestic airline, faced financial problems after acquiring rival Air Sahara in 2007 and making costly mistakes in fleet configuration. Jet Airways ultimately suspended all flights in April 2019 due to a lack of funds. Goyal's arrest marks a significant downfall for a man who was once highly successful in the aviation industry.
DGCA renews Jet Airways flying permit, but only till September
India's aviation regulator, the DGCA, has renewed Jet Airways' flying permit until September as the carrier continues to be grounded. Jet Airways' air operator's certificate (AOC) lapsed after it ceased operations in April 2019. The airline is currently in insolvency proceedings and a consortium that won the bid to resurrect the carrier has yet to repay any of its dues. The consortium has claimed that it will not repay until it receives possession of the airline, however, lenders have not allowed any transfer or ownership given Jet Airways has not fulfilled the necessary conditions.
Jalan Kalrock’s deadlock with Jet Airways’ banks continues
Before the National Company Law Appelate Tribunal (NCLAT), banks said saying the consortium hasn’t infused any money to repay creditors while JKC said the lenders have thwarted transfer of ownership and challenged its every effort to commence operations at Jet.
Jalan-Kalrock Consortium appoints Jatinderpal Singh Dhillon as accountable manager for Jet Airways
Jalan-Kalrock Consortium, the winning bidder for Jet Airways, has appointed Jatinderpal Singh Dhillon as the airline's accountable manager. The former pilot and Indian Navy member's appointment is effective from July. Jet Airways stopped flying on April 17, 2019, due to financial issues and went through lengthy insolvency proceedings.
CBI books EPFO official, 13 ex-employees of Jet Airways in PF claims fraud case
It emerged that Bamne received illegal gratification in his as well as his wife's bank accounts through multiple mode of online banking from employees of various establishments in lieu of their claim settlement. It is alleged that Rs 1.77 lakh were credited in his and his wife's accounts by 13 employees of Jet Airways which has stopped operations.
Jet Airways insolvency: Creditors say Jalan-Fritsch resolution plan unviable, unworkable
The State Bank of India-led lenders on the monitoring committee of debt laden airline Jet Airways on Monday told the Supreme Court that the Jalan Fritsch consortium’s approved resolution plan has been rendered “unviable” and “unworkable” as nothing has been paid to it so far and even no money has been infused for the revival of the grounded carrier.
Lenders apprehensive over impact of HC order on Go First revival
The committee of creditors had earlier approved funding of Rs 425 crore, but are apprehensive that such a requirement will be a hindrance to do business.
Akasa Air: An airline with Jhunjhunwala's Midas touch is flying high. Where is it headed?
Akasa Air, India's young airline, has become the first airline in the global aviation industry to increase its fleet from zero to 20 aircraft within a year of operation. It is set to include a 20th plane in July, with a total of 72 planes expected by March 2027. While the short lifespan of most Indian airlines has made launching an airline in the country challenging, Akasa has increased its market share from 0.2% to 4.8%, flying 24,000 passengers in August 2020, rising to 629,000 in May 2021. It remains focused on long-term sustainability despite market competition.
Go First crisis results in higher airfare and employees face uncertain times
The crisis at Go First, having its roots in non-availability of Pratt & Whitney engines resulting in grounding of more than half of its operational A320 neo fleet, reached a flash point as the promoters of the carrier decided to suspend flights and sought voluntary insolvency resolution proceedings on May 2.
Plane lessor SMBC challenges NCLT move to admit Go First for insolvency
SMBC Aviation Capital has challenged the decision by India’s bankruptcy court to admit Go Airlines' voluntary insolvency plea. SMBC, one of the world's largest plane lessors, claims that the petition was filed by Go First with an intent to defraud its creditors. The initiation of corporate insolvency resolution against the airline has caused a six-month moratorium on all payments by the airline and protects its assets from coercive action by creditors.
Why airlines keep folding in India’s booming aviation market
Indian airlines have faced fierce competition amongst each other as they have ordered billions of dollars worth of planes for an emerging middle class wanting to travel. It is a difficult market due to a mix of low-cost fares, high taxes on fuel and competition, which has only worsened due to the pandemic.
Jet Airways CEO Sanjiv Kapoor quits
After the National Company Law Tribunal (NCLT) ruled the case in favour of JKC, it was given 180 days to make payments of Rs 180 crore to the erstwhile creditors of the airline and Rs 250 crore to former employees. While May 14 is the last date to make the payments, the consortium has made no payments so far.
SC upholds NCLAT order on payment of dues to former employees of Jet Airways
The top court refused to entertain a plea moved by the consortium and upheld the National Company Law Appellate Tribunal's (NCLAT) order.
SC upholds NCLAT's order to clear unpaid dues of Jet Airways' former employees
In a setback to the Jalan Fritsch consortium, the successful bidder of debt-laden Jet Airways, the Supreme Court on Monday upheld the National Company Law Appellate Tribunal’s (NCLAT’s) order that asked it to clear the unpaid provident fund and gratuity dues of Rs 250 crore to the former employees of the grounded airline.
Jet Airways employee dues: SC refuses to interfere with NCLAT order
In a setback to the Jalan Fritsch consortium, the successful bidder of debt-laden Jet Airways, the Supreme Court refused to interfere with the National Company Law Appellate Tribunal's order that asked it to clear the unpaid provident fund and gratuity dues of ₹250 crore to the former employees of the grounded airline.
Jalan Fritsch consortium moves SC over Jet Airways employees' dues
The appeal filed by counsel Avinash B Amarnath said the appellate tribunal had dismissed the consortium's plea to cap its payment liability at ₹475 crore under the approved resolution plan. The PF and gratuity dues were not part of the approved resolution plan, which had classified only ₹52 crore out of a total ₹475 crore kept for settlements to all stakeholders towards payment of employees' dues.
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