Jet Airways, the National Company Law Appellate Tribunal (NCLAT) affirmed, on March 12, the transfer of ownership of the grounded airline to Jalan Kalrock Consortium (JKC).
Jet Airways
The former full-service carrier, Jet Airways is planning to restart its flights in 2024, marking its return five years after its notable collapse.
The Jalan Kalrock Consortium (JKC), the successful bidder for the revival of the grounded airline, recently injected ₹100 crore into Jet Airways, bringing their total investment in the airline to ₹250 crore.
Jet Airways founder Naresh Goyal has approached the Bombay High Court challenging his arrest. The Enforcement Directorate in connection with the alleged laundering of a Rs 538.62-crore loan given by Canara Bank for the airline.
The challenges for grounded airlines Go First and Jet Airways continue escalating as both airline’s IATA code were revoked due to their non-operational status.
According to the lawyer representing Ace Aviation, the JKC, in the resolution plan, stated it had no interest in holding back the grounded aircraft of Jet Airways (9W).
According to a press release, Jalan-Kalrock Consortium, the resolution applicant of Jet Airways (9W), successfully obtained the renewal of the Air Operator Certificate (AOC) for Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28.
On July 28, the Jet Airways (9W) Jalan Kalrock Consortium (JKC) informed the National Company Law Appellate Tribunal (NCLAT) that despite obtaining all the necessary permissions from the government, the Committee of Creditors (CoC) is preventing them from initiating operations.
The Central Bureau of Investigation (CBI) has taken a significant step in addressing the multi-crore Provident Fund (PF) scam that affected Jet Airways (9W) employees.
Committee of Creditors (CoC) of Jet Airways informed the Supreme Court that it has expended Rs 470 crores since CIRP without any return.