Jet Airways
Jet Airways gets MHA security clearance to resume flight operations
The security clearance come in wake of the proposed change in Jet Airways's management control and shareholding pattern, for the scheduled operator permit, according to officials privy to the development. The government move came after the Jalan Kalrock Consortium became the new promoter of the airline and approached the government for the security clearance. The airline, earlier owned by Naresh Goyal, had operated its last flight on April 17, 2019 before a financial crunch led to suspension of its operations.
Jet Airways takes to skies again with test flight
The airline had ceased operations in early 2019 due to some financial difficulties. Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. The airline has shared a video on Twitter which shows the test plane taking off.
Jet fuel prices hiked, air fares to rise
Accordingly, in the national capital, the price of jet fuel was raised to Rs 1,12,924.83 per kilolitre (kl) from Rs 1,10,666.29 per kl. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 1,17,353.71, Rs 1,11,690.61 and Rs 1,16,583.71 per kiloliter, respectively. "ATF prices have increased by around 50 % since the start of the year, major reason being the increase in crude prices led by the the Russia-Ukraine tensions," said Bhanu Patni.
Aviation veteran Sanjiv Kapoor appointed as Jet Airways CEO
Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. Kapoor, who is currently President of Oberoi Hotels and Resorts, will join the airline on April 4, 2022, the consortium said in a statement.
Jet Airways to start domestic ops from Q1CY22
Accordingly, the existing Air Operator Certificate (AOC) is under process for revalidation. In a statement, the consortium on Monday said it is working with relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking. Besides, the consortium said that Jet Airways will now be headquartered in Delhi NCR.
Jet Airways staff moves NCLAT against Kalrock-Jalan resolution plan
The appeal comes after the emloyees rejected the resolution plan. The plea by the Bharatiya Kamgar Sena (BKS) and the Jet Airways Cabin Crew Association have cited concerns on unpaid salary dues and continuity. In the voting process of employees, only 35.1 per cent approved the plan while 3.2 rejected it, and 61.6 per cent abstained from the voting.
Jet staff to get plummeted relief, only Rs 52 cr earmarked for employees
The admitted claims of employees stood at Rs 1,265 crore, while the consortium has proposed Rs 52 crore to settle their claims. According to employees, the airline owes at least Rs 3 lakh to each employee which may well go up to Rs 85 lakh, while now each employee is being offered a total of around Rs 23,000, which one employee, who did not want to be named, described as "peanuts".
Jet shares hit 5% upper circuit as monitoring panel put in place
With the approval of the National Company Law Tribunal to the Kalrock-Jalan consortium's resolution plan, the Corporate Insolvency Resolution Process (CIRP) of the bankrupt airline has concluded and Ashish Chhawchharia has ceased to be the resolution professional of the company, effective from June 25, 2021.
With NCLT nod to resolution plan, Jet Airways may fly again in 6 months
On Tuesday, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots.
Jet Airways shareholders reject financial results for FY20
"The business mentioned in the notice was transacted except Agenda No 1 (Ordinary Business) i.e, to receive, consider and adopt the Audited Standalone Financial Statement of the company for the FY ended March 31, 2020, together with the Reports of the Auditors thereon, due to the reason that the votes cast against the resolution No 1 were more than the votes cast in favour," it said.
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