Diabytes
Jet Airways crisis News
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This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.
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Several MPs cutting across party lines have expressed their support for the early revival of the now grounded Jet Airways, saying that they will again raise the issue in the ongoing winter session of Parliament.
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The debt-riddent Jet Airways is facing insolvency proceedings in The Netherlands too. It was declared bankrupt there after it had failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator.
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Naresh Goyal had moved High Court seeking direction to quash the LOC issued against him. He also sought the quashing of certain office memoranda issued against him.
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The debt-laden company became the first domestic airliner to go into bankruptcy after the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the SBI on behalf of 26 lenders on June 20.
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The NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to the IRP to conclude the resolution process, even though the bankruptcy law allows 180 days for the same.
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A consortium of 26 bankers led by the SBI took the cash-strapped airline to the NCLT to recover their dues of over Rs 8,500 crore.
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A consortium of 26 bankers led by the SBI took the cash-strapped airline to the NCLT to recover their dues of over Rs 8,500 crore.
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Jet Airways, started over 25 years ago by airline- ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes.
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The scrip plummeted 40.78 percent to close at Rs 40.45 on the BSE. During the day, it tanked 52.78 percent to hit an all-time low of Rs 32.25.
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The once largest private sector airline, started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes.
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The debt-ridden airline had suspended its entire operations on April 17.
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The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 percent to hit a multi-year low of 67.05 on the BSE.
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Massive debt and suffocating price competition forced what was once India`s biggest private-sector airline to halt operations in April at the cost of thousands of jobs, and resulting in higher airfares across the industry.
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The reason cited by the bourse is the company`s failure to respond to queries about persisting rumours in the market, NSE said in a circular late on Wednesday.
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The company's scrip tumbled 10.58 percent to close at Rs 111.95 on the BSE. During the day, it plunged 14.41 percent to Rs 107.15 -- its 52-week low.
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Once a storied full service carrier, Jet Airways temporarily suspended operations in April after running of cash.
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The domestic passenger traffic remained on an upswing between July 2013 and March 2019, after witnessing year-on-year de-growth in June 2013, the ratings agency said in a note on Thursday.
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Lenders to the full service carrier, which temporarily shuttered operations on April 17 as it ran out of cash, is looking for possible suitors.
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CEO Vinay Dube, head of finance Amit Agarwal and head of human resources Rahul Taneja quit within a span of 24 hours after Jet failed to receive a concrete deal offer.
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