JET AIRWAYS INSOLVENCY CASE
Money laundering case: HC extends Jet Airways founder Naresh Goyal's interim bail by 4 weeks
Jet Airways founder Naresh Goyal's interim bail extended by Bombay High Court for medical reasons. Goyal, suffering from cancer, to undergo surgery. ED alleges money laundering of Rs 538.62 crore. Wife, Anita Goyal, arrested and later passed away.
Jet Airways founder Naresh Goyal moves HC seeking extension of interim medical bail
Jet Airways founder Naresh Goyal, facing charges in a money laundering case, seeks extension of medical bail after his wife's passing. Mumbai High Court to review plea citing poor health. Goyal's legal team to present application before the same judge who granted initial bail. Wife Anita Goyal previously arrested.
NCLT to hear insolvency plea filed by Engine Lease Finance against SpiceJet on August 2
The National Company Law Tribunal (NCLT) has sent a notice to SpiceJet following an insolvency plea initiated by Engine Lease Finance BV, an aircraft engine lessor involved with the financially troubled airline.
Resolution plan at implementation stage; FY24 results delayed: Jet Airways
Jet Airways delays financial results declaration for March 2024, NCLT-approved resolution plan yet to be implemented, meeting to be convened shortly.
Engine Lease Finance moves insolvency plea against SpiceJet
SpiceJet, a low-budget airline, has filed an insolvency plea against its debt-ridden debtor, Engine Lease Finance BV, over non-payment of over USD 12 million. ELF has leased eight engines to SpiceJet and has claimed around USD 16 million in interest and rental. The matter was listed before the Delhi-based bench of the National Company Law Tribunal (NCLT), where SpiceJet was directed to file its response. ELF, the world's leading independent engine financing and leasing company, has previously approached the Delhi High Court after terminating a lease for two engines.
Jet Airways Insolvency: Tribunal junks JKC request to transfer Rs 200 crore
The Jalan Kalrock Consortium (JKC), the successful bidder for grounded Jet Airways, withdrew its plea to move Rs 200 crore paid to lenders to an escrow account after the National Company Law Appellate Tribunal (NCLAT) refused to provide relief. The NCLAT bench, headed by Justice Ashok Bhushan, stated the matter is already before the Supreme Court. The consortium chose to withdraw its plea, citing ongoing disagreements between lenders and consortiums.
- Go To Page 1
KAL Airways, Kalanithi Maran to seek Rs 1,323 cr in damages from SpiceJet, Ajay Singh
Against this backdrop, Maran and his firm KAL Airways have decided to challenge the ruling after consultation with their legal counsel. The decree holders -- KAL Airways and Maran -- "believe that the aforesaid judgement is deeply flawed and warrants further scrutiny".
Airbus fits electric truck with airliner cockpit to study safer taxiing
Airbus unveiled a truck with A350 controls at VivaTech, showcasing automated taxiing technology. The electric vehicle can operate autonomously, avoiding collisions on the ground using sensors and onboard computers. Airbus aims to enhance airport safety amid recent jetliner ground collisions, with plans to test the system on live airports. LiDAR technology may provide further automation capabilities, potentially improving aircraft safety.
SpiceJet to seek Rs 450 cr refund from erstwhile promoter Maran following Delhi HC ruling
SpiceJet plans to reclaim Rs 450 crore from former promoter Kalanithi Maran and KAL Airways, following a Delhi High Court division bench ruling in its favor. The airline previously paid Rs 730 crore to Maran, including principal and interest. The decision overturns a previous order and highlights unresolved legal issues.
Vijay Mallya condolles 'fordimable competitor' Anita Goyal's death, remembers Jet Airways founder's wife as a 'lovely human being'
Anita Goyal, wife of Jet Airways founder Naresh Goyal, passed away after battling cancer. Vijay Mallya expressed condolences, acknowledging her role in Jet Airways amidst ongoing investigations into the airline's financial dealings. Naresh Goyal's legal challenges were also referenced, with his recent bail granted in a money laundering case. Vijay Mallya's own legal situation, stemming from Kingfisher Airlines' financial troubles, remains unresolved as extradition efforts continue.
Jet Airways founder Naresh Goyal's wife Anita Goyal passes away
From 2015, Anita Goyal became non-executive vice president of Jet Airways but remained part of the board of directors. Last week, the Bombay High Court on Monday granted interim bail for two months on medical grounds to Jet Airways founder Naresh Goyal, who has been arrested by the Enforcement Directorate (ED) in a money laundering case.
NCLT asks SpiceJet to file reply to Aircastle's petition in 15 days
The National Company Law Tribunal (NCLT) has directed SpiceJet to respond within 15 days to Aircastle's insolvency petition. The tribunal will examine if the power of attorney holder can represent an operational creditor in a corporate insolvency resolution process (CIRP) petition. SpiceJet's counsel questioned the maintainability of the petition, arguing that multiple petitions against the same corporate debtor are not allowed under the Insolvency and Bankruptcy Code, 2016.
Jet Airways founder Naresh Goyal granted 2 months' interim bail in money laundering case
The Bombay High Court granted Jet Airways' founder Naresh Goyal two months' interim bail in a money laundering probe, citing medical grounds due to his and his wife Anita Goyal's cancer conditions. The Enforcement Directorate opposed, suggesting hospital extension. Earlier, Goyal's bail plea was rejected, leading to his and his wife's arrests in September and November 2023 respectively.
ED opposes interim bail to Jet Airways founder Naresh Goyal; HC to pass order on May 6
A special court had in February refused bail to Goyal but permitted him to be admitted to a private hospital of his choice and seek medical treatment.
Money laundering case: Jet Airways founder Naresh Goyal moves HC to seek bail on medical grounds
Jet Airways founder Naresh Goyal seeks bail in a money laundering case citing terminal cancer for both him and his wife. Goyal claims severe depression and the need to care for his ailing wife. He asserts innocence, stating funds were used legitimately. The court will hear the plea on May 3.
Go First: Busy Bee Airways says to evaluate position after reviewing court order
On Friday, the court directed the Directorate General of Civil Aviation (DGCA) to forthwith process the applications filed by several lessors for deregistration of their 54 planes so that they could take them back from the crisis-hit Go First airline. In a post on X, saying it is on behalf of Busy Bee Airways, Pitti said, "We will review the details of the order once we receive the official document".
Jet Airways ownership transfer: SC agrees to hear lenders' appeal against NCLT order
While the bench was initially inclined to issue notice to JKC and the monitoring committee on the SBI’s appeal, it accepted the counsel’s request to finish the hearing at the earliest. The CJI, accordingly, kept the case for further hearing on Friday.
SC issues notice to JKC and Jet Airways on SBI-led consortium's petition challenging NCLAT's March order
The Supreme Court issued notices to Jet Airways and the Jalan Kalrock Consortium after a consortium led by State Bank of India challenged the NCLAT's March ruling affirming the transfer of bankrupt Jet Airways to JKC. Almost a year ago, the SC permitted the transfer to JKC. The case was heard by a bench led by Chief Justice of India CJI Chandrachud.
NCLT notice to SpiceJet on 3 insolvency pleas filed by lessors for arrears worth Rs 77 crore
NCLT issued notice to SpiceJet over insolvency petitions by lessors AWAS 36698, AWAS 36694, AWAS 36695 for ₹77 crore arrears. Legal arguments ongoing with previous petitions dismissed.
Bail not likely to improve Naresh Goyal's health, he is getting best possible treatment: court ruling
Special judge for cases under Prevention of Money Laundering Act (PMLA), M G Deshpande, on April 10 rejected the 74-year-old businessman's bail application, filed on the ground that he suffers from numerous life-threatening medical conditions. The court had, in February 2024, denied interim bail to Goyal when he sought relief on the ground that he was suffering from cancer. It, however, permitted him to undergo treatment at a hospital of his choice.
Court denies bail to Jet Airways founder Naresh Goyal on health grounds
Jet Airways founder Naresh Goyal is undergoing treatment at the private-run Sir H N Reliance hospital here for last two months. The court had in February denied interim bail to Goyal, but allowed him to undergo treatment at a hospital of his choice.
Wilmington moves NCLAT in SpiceJet insolvency case
Wilmington Trust SP Services contended that as a trustee, it could file an insolvency petition on behalf of operational creditors, which was the ground raised by NCLT, Delhi, to dismiss its petition. Counsel for Wilmington noted that NCLT, Mumbai, had passed orders in the past where it had allowed the trustee to file an insolvency petition. Wilmington filed an insolvency petition in NCLT, Delhi, in June last year over a debt of $11.2 million for leasing an aircraft to SpiceJet.
Jalan Kalrock Consortium case: SC upholds NCLAT ruling on sale of Jet Airways' three aircraft
A Bench led by Justice Abhay S Oka upheld the National Company Law Appellate Tribunal's December order that allowed the sale of the aircraft to Ace Aviation VII. The apex court also observ-ed that the sale of aircraft to the aviation company would in fact help the consortium to revive the embattled airline.
NCLT reserves order in Aircastle’s insolvency case against Spicejet
NCLT has reserved its order in the insolvency petition filed by Aircastle Limited against SpiceJet. Aircastle's petition has been questioned by SpiceJet's counsel, who argues that Aircastle's separate petition under the Insolvency and Bankruptcy Code raises doubts about the maintainability of the current petition. Aircastle's counsel argues that the two petitions deal with separate cases of default.
Unlocking investment opportunities: Leveraging IBC to enhance India's global appeal
The Supreme Court recently noted that the principle aims of the IBC are to promote investment, and resolution of insolvencies of corporate persons, firms, and individuals in a time bound manner.
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.
NCLAT reserves order in Jet Airways ownership transfer case
While JKC had transferred Rs 200 crore to the lenders account by September 30, 2023, it had won a favourable order from NCLAT for adjustment of the performance bank guarantee of Rs 150 crore. The order was later overturned by SC, which asked JKC to deposit Rs 150 crore by January 31.
PMLA: Jet Airways founder Naresh Goyal seeks interim bail to treat 'slow growing cancer'
Jet Airways founder Naresh Goyal, facing charges in a money laundering case, has filed a plea for interim bail citing the need for treatment of malignancy detected during tests by private doctors. The court ordered the formation of a medical board to review Goyal's medical reports, as the Enforcement Directorate (ED) sought time to respond. Goyal's medical records indicate the presence of small tumours in his intestine, hiatus hernia, and Barrett's esophagus.
Court allows Jet founder Goyal to undergo colonoscopy at private hospital
Jet Airways founder Naresh Goyal, arrested in a money laundering case linked to an alleged Rs 538 crore fraud at Canara Bank, has been permitted by a special court to undergo gastro and colonoscopy procedure at a private hospital in Mumbai. Goyal, who is lodged in Arthur Road jail, sought to be taken to the hospital on January 26. The 74-year-old businessman was arrested by the ED in September 2023 for allegedly laundering money and siphoning off loans given to Jet Airways by Canara Bank, as per the CBI's FIR.
Load More
