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          Hawaiian Airlines Adds New Flights from Honolulu to Salt Lake City

          Hawaiian Airlines Adds New Flights from Honolulu to Salt Lake City

          After a federal district court judge ruled in favor of the Biden administration regarding an anti-trust case, ordering the dissolution of the JetBlue (B6)-American Airlines (AA) "Northeast Alliance," which had previously received approval from the Department of Transportation.

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          Home » Jet Airways CoC Spend 470 crore without getting any Return

          Jet Airways CoC Spend 470 crore without getting any Return

          The court was informed by the CoC, represented by Additional Solicitor General Venkatraman, that they are incurring monthly expenses amounting to Rs. 23 crore.

          Bhavya Velani by Bhavya Velani
          July 5, 2023
          in Airline News, Indian Aviation News, Jet Airways, News
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          Jet Airways Boeing 777

          Photo: Jet Airways Boeing 777-300ER; VT-JEK@LHR;05.06.2010/576oh | Flickr

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          DELHI- The Committee of Creditors (CoC) of the grounded airline Jet Airways (9W) informed the Supreme Court on July 5 that it has expended Rs 470 crores since the implementation of the Corporate Insolvency Resolution Process (CIRP) without seeing any return on investment.

          Additional Solicitor General Venkatraman, representing the CoC, conveyed to the court that they are incurring expenses amounting to Rs 23 crore per month.

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          Similarly, the Jet Airways workmen association also corroborated the CoC’s claim, highlighting that their dues remain unpaid.

          The Committee of Creditors (CoC) of the grounded airline Jet Airways (9W) informed the Supreme Court on July 5 that it has expended Rs 470 crores since the implementation of the Corporate Insolvency Resolution Process (CIRP) without seeing any return on investment.
          Photo: Jet Airways

          Jet Airways CoC Told SC

          During a hearing on a case brought by the Jet Aircraft Engineers Maintenance Welfare Association seeking recovery of their dues, the apex court was informed about the pending cases related to the recovery of dues from Jet Airways.

          Chief Justice of India DY Chandrachud, leading the bench, directed that all Jet Airways-related cases be grouped together. Further listed before his bench for expeditious hearing.

          In May 2023, the National Company Law Appellate Tribunal (NCLAT) provided the Jalan Kalrock Consortium, which emerged as the successful bidder for taking over Jet Airways, an extension to make payments to the State Bank of India (SBI).

          The NCLAT recognized that despite the National Company Law Tribunal (NCLT) approving the resolution plan in January, the case was heard by the NCLAT in March, resulting in the order of refusal of stay on March 3.

          Consequently, the tribunal ruled that Jalan Kalrock should be exempted from November 16, 2022, to March 3, 2023, to fulfill its payment obligations to SBI.

          Latest: Kalrock Jalan Seeks to Stop the Sale of Jet Airways Boeing 777s
          Photo: Jet Airways VT-JEW Boeing 777-35RER cn/35164-660 impounded… | Flickr

          Time Extension for Acquisition

          On January 13, NCLT permitted the transfer of Jet Airways to the consortium led by Kalrock Capital. It is based in London, and entrepreneur Murari Lal Jalan from the UAE.

          The NCLT also set a deadline of May 15, 150 days from initiating the ownership proceedings. Subsequently, for the consortium to make payments. However, the NCLAT exemption allows for additional time to meet these obligations.

          Jet Airways was grounded in April 2019 due to escalating losses and debt of approximately Rs 8,000 crore. In October 2020, the airline’s CoC approved the revival plan presented by the JKC.

          However, lenders of the airline opposed the ownership transfer to the consortium. Further, alleging that the consortium had not fulfilled its obligations.

          Stay tuned with us. Further, follow us on social media for the latest updates.

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          LATEST: Jet Airways Secures Legal Victory Against Lending Bank
          Source: Money Control
          Tags: Jet AirwaysJet Airways 2.0Jet Airways CoCJet Airways latest newsJet Airways updates
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          Bhavya Velani

          Bhavya Velani is the Founder of Aviation A2Z. Bhavya Started Aviation A2Z as a youtube channel and created unique and engaging content for Aviation Professionals. He is very passionate about Writing Aviation Blogs and creating content. Founded in 2018, Aviation A2Z has grown rapidly, with 1 Million Monthly visitors. Bhavya writes for Airways Magazine, AIRLIVE, AeroXplorer, Travel Radar and other global publications.

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