Banks Finally Take Jet Airways to Bankruptcy Court, But It May be Too Late to Save the Airline or Money
5 years, 6 months ago

Banks Finally Take Jet Airways to Bankruptcy Court, But It May be Too Late to Save the Airline or Money

News 18  

It is exactly two months to the day that Jet Airways ceased operations as India’s second largest airline by passengers. Since the airline had begun floundering some months before that fateful April day, the lenders’ consortium had been saying repeatedly that it will resolve the Jet mess outside the IBC process. But now, these same lenders may recover next to nothing and may have to actually take a very substantial haircut since the IBC process has been delayed and not much is left of the airline. This clearly meant the banks would recover next to nothing of their money, which is when the lenders’ consortium decided to approach the National Company Law Tribunal for putting jet under IBC. So all said and done, lenders’ inordinate delay in taking Jet to the IBC process has meant that not only will they lose most of their money, the airline may also never fly again.

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History of this topic

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?
1 month, 1 week ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint  

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies
1 month, 4 weeks ago

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies

Live Mint  

The failure to revive two prominent Indian airlines—Jet Airways and Go First—has triggered a debate on the limitations of India’s Insolvency and Bankruptcy Code, particularly in addressing airline insolvencies. As it was with Jet Airways, Go First’s resolution process was marred by mismanagement, with lessors even filing contempt proceedings against the airline’s resolution professional, Shaildnea Ajmera, for allegedly damaging the …

Jet Airways liquidation: Why India needs a new regime to save airlines
1 month, 4 weeks ago

Jet Airways liquidation: Why India needs a new regime to save airlines

Live Mint  

Learning by doing is about the only way to master swimming, cycling or yoga, but does it apply to harnessing India’s Insolvency and Bankruptcy Code as well, particularly in the case of airlines? After Go Air, it is now Jet Airways’s turn to go into liquidation after an insolvency resolution process under IBC failed to sell the business as a …

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order
2 months ago

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

Hindustan Times  

The 1.43 lakh retail shareholders of Jet Airways are now staring at a complete wipeout of their investments after the Supreme Court ordered the troubled airline's liquidation on Thursday, November 8, rejecting the Jalan Kalrock consortium’s takeover bid. Naresh Goyal, chairman of Jet Airways According to exchange data, retail investors currently own 19.29% of Jet Airways Ltd shares. This amounts …

Grounded, by process
2 months ago

Grounded, by process

Times of India  

Times of India’s Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. As Supreme Court calls it curtains on Jet Airways, it’s another tragic tale of another short-lived star business and the challenges of sustaining airline ops in a competitive, high-cost environment. But the real concern is a …

Mint Quick Edit | Jet Airways’ failed take-off: An IBC let-down
2 months ago

Mint Quick Edit | Jet Airways’ failed take-off: An IBC let-down

Live Mint  

Revival hopes for Jet Airways received a mortal blow on Thursday as the Supreme Court ordered its liquidation. Since the non-operational airline’s acquisition bid-winner Jalan Kalrock Consortium had failed to infuse ₹350 crore as an initial tranche and meet other obligations under a resolution plan, the apex court said it was left with “no choice but to send Jet Airways …

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order
Trending News
2 months ago

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Firstpost  

Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways Supreme Court has ordered the liquidation of Jet Airways. The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways’ assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala …

Supreme Court orders liquidation of debt-ridden Jet Airways
2 months ago

Supreme Court orders liquidation of debt-ridden Jet Airways

Hindustan Times  

The Supreme Court on Thursday ordered the liquidation of Jet Airways while setting aside the National Company Law Appellate Tribunal ruling that upheld the transfer of the defunct airline’s ownership to the Jalan-Kalrock Consortium under an approved resolution plan. Represented by advocates Debmalya Banerjee, Kartik Bhatnagar and Karanjawala & Co, JKC said it incurred significant losses, exceeding ₹600 crore, due …

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues
2 months ago

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

The Hindu  

A three-judge Bench headed by Chief Justice of India D.Y. Justice J.B. Pardiwala, who authored the judgment, ordered the amount of ₹200 crore paid by Jalan Kalrock Consortium towards the initial tranche payment of ₹350 crore to the creditors to be forfeited. The court set aside the NCLAT direction to the lenders of Jet Airways to adjust the ₹150 crore …

Jet Airways liquidation: A wake-up call for India’s insolvency code
2 months ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint  

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

Jet Airways grounded for good as Supreme Court orders liquidation
2 months ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today  

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

JetBlue-Spirit Airlines $3.8b merger cancelled after judge blocked deal
10 months ago

JetBlue-Spirit Airlines $3.8b merger cancelled after judge blocked deal

Hindustan Times  

JetBlue Airways Corp. formally abandoned its pursuit of Spirit Airlines Inc. more than a month after a federal judge blocked the $3.8 billion acquisition on antitrust grounds. “The lingering uncertainty is distracting and taking our resources away from more pressing priorities.” The decision ends JetBlue’s lengthy quest for Spirit and marks a sharp reversal after the companies pledged to fight …

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit
11 months, 4 weeks ago

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit

Live Mint  

The Insolvency and Bankruptcy Code can't resolve airline bankruptcies, according to RK Bansal, CEO and managing director of asset reconstruction company Edelweiss ARC. Speaking during a panel discussion titled ‘IBC and Banks: Challenges and Solutions’ at the Mint BFSI Summit and Awards 2024, Bansal highlighted a fundamental issue in the Indian aviation sector – most airlines don't own their planes …

Uncertainty Continues Over Jet Airways Permit to Fly Again, Validity Expired
1 year, 7 months ago

Uncertainty Continues Over Jet Airways Permit to Fly Again, Validity Expired

News 18  

Uncertainty continues over the revival of grounded Jet Airways as the validity of the airline’s air operator’s certificate expires on Friday. There was no word from the Jalan Kalrock Consortium, which emerged as the winning bidder for the carrier under the insolvency resolution proceedings, on the status of the airline’s flying permit. The Air Operator’s Certificate of the airline, which …

Jet Airways revival hits new snag as banks push back on funding
2 years, 1 month ago

Jet Airways revival hits new snag as banks push back on funding

Live Mint  

Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter. Banks, …

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?
2 years, 8 months ago

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?

Firstpost  

Jet Airways has already hired over 200 people across major operations, including former SpiceJet and Vistara executive Sanjiv Kapoor as its CEO. The airline plans to start operations in the September quarter of this year A Jet Airways test flight took to the skies on Thursday from Hyderabad Airport for the first time after a hiatus of three years. The …

Jet Airways insolvency resolution professional seeks fresh expressions of interest for defunct airline; shares up over 4%
4 years, 7 months ago

Jet Airways insolvency resolution professional seeks fresh expressions of interest for defunct airline; shares up over 4%

Firstpost  

Jet Airways insolvency resolution professional on Wednesday invited fresh expressions of interest for the grounded airline Mumbai: Jet Airways insolvency resolution professional on Wednesday invited fresh expressions of interest for the grounded airline. In March this year, the National Company Law Tribunal had allowed 90 days’ extension for the corporate insolvency resolution process of the airline. This came after the …

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline
4 years, 10 months ago

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline

Firstpost  

The second bidder, South America-based Synergy Group, did not submit a plan for Jet Airways and the group reportedly sought clarity on slots in the domestic and international routes of the grounded airline. Even as Jet Airways’ Committee of Creditors is to meet today to decide on extending deadline to two suitors that have evinced interest in the grounded airline, …

As liquidation threat looms, Jet Airways bidders still not ready
4 years, 11 months ago

As liquidation threat looms, Jet Airways bidders still not ready

Live Mint  

Bankrupt carrier Jet Airways India Ltd., once the nation’s biggest by market value, faces fresh warning signs as a deadline to avoid liquidation looms. The two shortlisted bidders Synergy Group Corp. and Prudent ARC Ltd. had both submitted expressions of interest in January, but haven’t yet cobbled together bidding groups. Short of a court judgment to the contrary, creditors are …

Jet Airways signs pact with KLM to liquidate Netherlands assets
4 years, 11 months ago

Jet Airways signs pact with KLM to liquidate Netherlands assets

Live Mint  

Jet Airways Ltd has entered into a conditional sale and purchase agreement with KLM Royal Dutch Airlines to liquidate the assets of the bankrupt airline in the European country. Two local creditors--H Esser Finance Company and Wallenborn Transport --filed a petition against Jet Airways in April 2019, citing unpaid claims worth around ₹280 crore. In September 2019, the National Company …

Jet Airways crisis: Debt-laden airline plans to sell Netherlands business to KLM; deal not to impact company's shareholding pattern
4 years, 11 months ago

Jet Airways crisis: Debt-laden airline plans to sell Netherlands business to KLM; deal not to impact company's shareholding pattern

Firstpost  

The insolvency resolution professional managing the affairs of Jet Airways said various options are being explored for the company’s resolution and maximising the value for its stakeholders. New Delhi: Bankrupt Jet Airways plans to sell its Netherlands business to KLM Royal Dutch Airlines, according to a regulatory filing. The insolvency resolution professional managing the affairs of Jet Airways said various …

Synergy, Prudent left in the fray as Hinduja refuses to board Jet Airways
4 years, 11 months ago

Synergy, Prudent left in the fray as Hinduja refuses to board Jet Airways

Live Mint  

Mumbai/ New Delhi: London-based Hinduja group pulled out of the race for Jet Airways Ltd, leaving only two contenders—South America’s Synergy Group and New Delhi-based Prudent ARC Ltd—in the fray to acquire the airline that shut operations in April last year, said two people with direct knowledge of the matter. “It’s quite impossible to resurrect Jet Airways,” said a Mumbai-based …

Jet Airways crisis: NCLAT allows Dutch court administrator to attend debt-laden airline's CoC meetings, sets aside NCLT order
5 years, 3 months ago

Jet Airways crisis: NCLAT allows Dutch court administrator to attend debt-laden airline's CoC meetings, sets aside NCLT order

Firstpost  

NCLT had barred Dutch Court Administrator from taking part in the Jet Airways insolvency proceedings in India. New Delhi: The National Company Law Appellate Tribunal has allowed the Dutch court administrator of Jet Airways to attend the Committee of Creditors meetings of the debt-ridden carrier. The Appellate Tribunal order came after the Resolution Professional of Jet Airways and Dutch Court …

Hopes reignite for Jet Airways: NCLT asks lenders to release lifeline funds
5 years, 3 months ago

Hopes reignite for Jet Airways: NCLT asks lenders to release lifeline funds

India TV News  

The National Company Law Tribunal Wednesday directed the financial creditors of the grounded Jet Airways to release some interim lifeline funds within 15 days. However, other lenders like Yes Bank, Punjab National Bank, IDBI Bank, Bank of India, Indian Overseas Bank and Axis Bank are yet to release their portion. The RP of Jet Airways had moved NCLT on September …

NCLAT asks Jet Airways Interim Resolution Professional to cooperate with Dutch court administrator
5 years, 4 months ago

NCLAT asks Jet Airways Interim Resolution Professional to cooperate with Dutch court administrator

Firstpost  

The National Company Law Appellate Tribunal has directed the Resolution Professional of Jet Airways to cooperate with the Dutch Court Administrator, which is also conducting insolvency proceedings against the debt-ridden carrier New Delhi: The National Company Law Appellate Tribunal has directed the Resolution Professional of Jet Airways to cooperate with the Dutch Court Administrator, which is also conducting insolvency proceedings …

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week
5 years, 4 months ago

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week

Firstpost  

The decision of Abu Dhabi-based Etihad Airways to exit from the resolution plan of the crisis-hit airline has reportedly hastened Jet Airways’ liquidation process. The revival of grounded Jet Airways seems to be over with the debt-laden airline’s strategic partner Etihad Airways reportedly moving out of the resolution plan, said a media report. The decision of Abu Dhabi-based Etihad Airways …

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July
5 years, 5 months ago

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July

Firstpost  

Last month, JetAirways’ creditors, led by State Bank of India, took the airline to the bankruptcy court after failing to agree on a revival plan New Delhi: Lenders to Jet Airways will open bids to sell the bankrupt airline on 20 July as they look to recover about 85 billion rupees of loans, two sources familiar with the matter said …

Delhi HC refuses to grant urgent relief to Jet Airways founder Naresh Goyal
5 years, 6 months ago

Delhi HC refuses to grant urgent relief to Jet Airways founder Naresh Goyal

Live Mint  

New Delhi: Delhi High Court on Tuesday refused to grant urgent relief to founder of Jet Airways Naresh Goyal, and sought response from the Centre on his plea to travel abroad. The circular against Goyal was issued by the corporate affairs ministry after it found several irregularities in the airline company, following which Goyal and his wife were offloaded from …

Jet Airways saga: Buyers await regulator’s scrutiny of airline’s flying license
5 years, 6 months ago

Jet Airways saga: Buyers await regulator’s scrutiny of airline’s flying license

Live Mint  

With prospective buyers lining up to take a shot at bagging Jet Airways cheap, its prime asset -- the flying license -- is under the aviation regulator's scrutiny that might derail the NCLT-backed resolution process. However, since the NCLT has stated that matter of resolution at Jet Airways is considered to be of "national importance", the resolution professional is widely …

AdiGroup, employee consortium to bid for 75% of Jet Airways
5 years, 6 months ago

AdiGroup, employee consortium to bid for 75% of Jet Airways

The Quint  

New Delhi, June 28 London-based AdiGroup along with Jet Airways Employee Consortium have partnered to bid for 75 per cent stake of Jet Airways under the insolvency resolution process. The AdiGroup and Jet Employees Consortium combine is confident of reviving the airline by successfully bidding for the airline under the process. AdiGroup Chairman Sanjay Viswanathan said the combine expects a …

Insolvency proceedings initiated against debt-ridden Jet Airways; NCLT bench instructs resolution professional to file fortnightly progress report
5 years, 6 months ago

Insolvency proceedings initiated against debt-ridden Jet Airways; NCLT bench instructs resolution professional to file fortnightly progress report

Firstpost  

Jet Airways became the first domestic airliner to go into bankruptcy New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on 17 April 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 …

Insolvency proceedings initiated against Jet Airways
5 years, 6 months ago

Insolvency proceedings initiated against Jet Airways

India TV News  

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 admitted an insolvency petition filed by SBI on behalf of 26 lenders on …

How will Jet’s insolvency process play out?
5 years, 6 months ago

How will Jet’s insolvency process play out?

The Hindu  

The story so far: Jet Airways, the troubled private airline that has failed to meet its huge debt obligations, was admitted to the National Company Law Tribunal on Thursday. Mr. Goyal’s exit may give Jet’s lenders the confidence to infuse more money in case they decide to make the airline fully operational. Jet Airways is the first airline company in …

SBI chairman defends sending Jet Airways to bankruptcy court, says 'last effort' to find resolution
5 years, 6 months ago

SBI chairman defends sending Jet Airways to bankruptcy court, says 'last effort' to find resolution

Firstpost  

Jet Airways, which was grounded on 17 April, owes more than Rs 8,500 crore to a consortium of banks led by State Bank Mumbai: State Bank chairman Rajnish Kumar on Thursday defended the lenders’ decision to take Jet Airways for bankruptcy saying “it was their last effort to find a resolution” for the grounded airline and also did not rule …

NCLT admits insolvency plea against Jet Airways, posts matter for next hearing on 5 July; RP directed to finish process in three months
5 years, 6 months ago

NCLT admits insolvency plea against Jet Airways, posts matter for next hearing on 5 July; RP directed to finish process in three months

Firstpost  

NCLT will allow lenders led by SBI to sell the company as a whole or sell its assets and bring to end weeks of uncertainty over Jet Airways’ future The bankruptcy court, National Company Law Tribunal, on Thursday, decided to admit an insolvency petition against Jet Airways Ltd filed by its creditors in an attempt to salvage some of their …

Jet Airways crisis: Pilots, engineers unions, 2 Dutch vendors seek to be made parties to bankruptcy hearings
5 years, 6 months ago

Jet Airways crisis: Pilots, engineers unions, 2 Dutch vendors seek to be made parties to bankruptcy hearings

Firstpost  

Jet Airways owes over Rs 3,000 crore to its 23,000 employees who have not been paid since March and some of them like engineers and pilots were getting part salaries since last December. Mumbai: The pilots and engineers unions of Jet Airways and two Dutch logistics vendors to the grounded airline on Wednesday moved the NCLT seeking them to be …

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT
5 years, 6 months ago

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT

Firstpost  

New Delhi: Jet Airways stock tumbled nearly 15 percent on Tuesday after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, and instead voted to send it for bankruptcy to recover their Rs 8,000 …

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues
5 years, 6 months ago

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues

Firstpost  

The Etihad-Hinduja consortium had reportedly shown interest in Jet Airways but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge Mumbai: Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The decision of the …

Jet Airways crisis: Lenders to take debt-laden airline to NCLT as banks yet to get any concrete proposal for revival
5 years, 6 months ago

Jet Airways crisis: Lenders to take debt-laden airline to NCLT as banks yet to get any concrete proposal for revival

Firstpost  

The bank said lenders have been making efforts to find a resolution for Jet Airways outside IBC but now have decided to seek a resolution within the IBC. Mumbai: State Bank of India-led consortium of lenders on Monday decided to send the now-grounded Jet Airways to the National Company Law of Tribunal as they have not yet received any concrete …

Jet Airways to be taken to bankruptcy court
5 years, 6 months ago

Jet Airways to be taken to bankruptcy court

The Hindu  

As six months of efforts to save one of the country’s leading airlines, Jet Airways, failed, the lenders have now decided to take it to the bankruptcy court, which will decide the future course of action. “Lenders have been taking efforts to find a resolution for Jet Airways outside the IBC, but in view of the above, they have decided …

Jet Airways crisis: Lenders to meet today to finalise resolution for debt-laden airline; shares plunge over 18%
5 years, 6 months ago

Jet Airways crisis: Lenders to meet today to finalise resolution for debt-laden airline; shares plunge over 18%

Firstpost  

Last week, the I-T Department summoned Naresh Goyal, the founder of Jet Airways, for questioning in connection with an alleged tax evasion case. Last week, the Income Tax Department had summoned Naresh Goyal, the founder of Jet Airways, for questioning in connection with an alleged tax evasion case, reported Business Today. Meanwhile, the shares of Jet Airways continued the downward …

Jet Airways crisis: NCLT asks operational creditors to again serve legal notices to airline, adjourns hearing to 20 June
5 years, 6 months ago

Jet Airways crisis: NCLT asks operational creditors to again serve legal notices to airline, adjourns hearing to 20 June

Firstpost  

The banks have appointed SBI Capital Markets as the investment banker to find an investor to scout investors for Jet Airways. By asking the two operational creditors — Shaman Wheels and Gaggar Enterprises — who have taken Jet Airways to NCLT, to again serve legal notices to the grounded airline, the tribunal is yet to admit the bankruptcy pleas. Jet …

Jet Airways shares plummet over 23% to an all-time low as stock exchanges set to impose trading restrictions
5 years, 6 months ago

Jet Airways shares plummet over 23% to an all-time low as stock exchanges set to impose trading restrictions

Firstpost  

Jet Airways shares tumbled to a fresh 52-week low of 84.80 on BSE. Its market capitalisation fell to Rs 986.03 crore with 15.61 lakh shares changing hands on BSE Shares of Jet Airways plummeted over 23 percent to an all-time low of Rs 84.80 on Thursday, a day after the National Stock Exchange of India said that shares of the …

Jet Airways crisis: Two operational creditors drag debt-laden airline to NCLT, next hearing on 13 June
5 years, 6 months ago

Jet Airways crisis: Two operational creditors drag debt-laden airline to NCLT, next hearing on 13 June

Firstpost  

The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on 13 June when it will decide on admitting or rejecting the bankruptcy pleas. Mumbai: In a major setback to the lenders’ revival/sale plan of the grounded Jet Airways, two operational creditors — Shaman Wheels and Gaggar Enterprises — …

Two operational creditors take Jet to NCLT, hearing on June 13
5 years, 6 months ago

Two operational creditors take Jet to NCLT, hearing on June 13

India TV News  

In a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors--Shaman Wheels and Gaggar Enterprises-- Monday moved the NCLT seeking bankruptcy proceedings against the airline. The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on …

Jet Airways lands in deeper trouble as creditors file plea for recovery of dues
5 years, 7 months ago

Jet Airways lands in deeper trouble as creditors file plea for recovery of dues

India Today  

Beleaguered airline Jet Airways has now landed at the NCLT. If the court accepts the plea, it could mark the end of the road for Jet Airways. The airline has a debt pile of over Rs 11,000 crore and all the investors who expressed the desire to invest in the airline have asked the banks to take a substantial haircut …

Jet's revival hope sinks as lenders struggle to find investor
5 years, 7 months ago

Jet's revival hope sinks as lenders struggle to find investor

India Today  

Mumbai-based airline Jet Airways hit another roadblock on Tuesday after four senior officials including the company's CEO Vinay Dube resigned. Meanwhile, the lenders of Jet Airways now face a stringent condition to prevent the temporarily grounded airline from becoming a non-performing asset. "Etihad re-emphasises that it cannot be expected to be the sole investor and that additional suitable investors would …

Now, employees and regular flyers come up with a plan to give Jet Airways wings
5 years, 8 months ago

Now, employees and regular flyers come up with a plan to give Jet Airways wings

Live Mint  

New Delhi: After a section of employees floated the proposal to take over management control of the grounded Jet Airways and arrange up to ₹3,000 crore from external investors, a group of frequent flyers of the cash-strapped airline has approached the key lenders, including State Bank of India, ICICI Bank and Punjab National Bank, to submit the 'Revival of Jet …

Jet Airways will do everything to revive airline: CEO
5 years, 8 months ago

Jet Airways will do everything to revive airline: CEO

India Today  

India's Jet Airways is constantly engaging with the government and lenders for a resolution of the current debt crisis and will not leave any stone unturned to revive the airline, its chief executive officer Vinay Dube told television channel ET Now in an interview. "But I would like to think that a flying Jet Airways makes definite sense for them …

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