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The Court, however, assured Naresh Goyal that all possible help will be provided to him for his mental and physical health with proper medical treatment during his incarceration.

'Allow me to die in jail', Jet Airways founder Naresh Goyal's plea to judge

The Court, however, assured Naresh Goyal that all possible help will be provided to him for his mental and physical health with proper medical treatment during his incarceration.

Jet Airways founder Naresh Goyal, an accused in the alleged fraud of Rs 538 crore at Canara Bank, on Saturday told a special court here with &ldquo;folded hands&rdquo; that he had &ldquo;lost every hope of life&rdquo; and it will be &ldquo;better if he dies in jail&rdquo; than living in his present condition.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
The Enforcement Directorate (ED) arrested Goyal on September 1 last year in connection with the alleged bank fraud. He is currently in judicial custody at Arthur Road jail here.
Goyal had moved a bail application before special judge M G Desphande.
He was produced before the court on Saturday and during the proceedings Goyal requested for a few minutes of personal hearing, which the judge allowed.
As per the court&rsquo;s 'roznama' (record of daily hearings), Goyal with folded hands and &ldquo;continuous tremors in his whole body&rdquo; submitted that &ldquo;his health is very bad and precarious&rdquo;.
The businessman said that his wife is bedridden and their only daughter too is unwell. The jail staff has their limitations in helping him, said Goyal.
&ldquo;I heard him patiently and also observed him when he made the submissions as such. I found that his whole body was trembling. He needs assistance even to stand,&rdquo; the judge noted.
Goyal pointed to his knees and said they were swollen and painful and he was unable to fold his legs.
The Jet Airways founder brought to the court&rsquo;s notice that he has severe pain while urinating and sometimes blood is passed through urine, coupled with unsustainable pain. Most of the time, he hasn&rsquo;t been able to get assistance, he said.
The businessman told the judge that he had become very weak and there was no use in referring him to J J Hospital. The journey with other inmates as per the convenience of prison staff and escort party from Arthur Road jail to the hospital is &ldquo;very troublesome, hectic and tedious which he cannot bear and sustain&rdquo;.
Also, there is always a long queue of patients and he cannot reach the doctor in time and whenever he is examined by the doctor further follow-up is not possible, Goyal said, adding that Goyal said that these are "very badly affecting his health".
He said his wife Anita is in the advanced stage of cancer and undergoing treatment.
There is no one to look after her as his only daughter is also suffering from health issues, submitted Goyal, with tears in his eyes.
He requested the court not to send him to J J Hospital and instead &ldquo;allow him to die in the jail itself&rdquo;.
Goyal said &ldquo;he has lost every hope of life and (it&rsquo;s) better he should die rather than be alive in such a situation&rdquo;.
He submitted that he would turn 75 and he has no hope for any future. It&rsquo;s &ldquo;better if he dies in jail, his destiny would rescue him&rdquo;, he said.
Goyal also submitted that his health doesn&rsquo;t permit him to attend the court personally. This time, Goyal said, he insisted that he be produced before the court so that he would be able to submit everything personally. He said he won&rsquo;t insist on physical appearance any more.
&ldquo;I have taken note of everything he has submitted and also assured the accused that he will not be left helpless and all possible care of his mental and physical health will be taken with proper treatment,&rdquo; the judge said after hearing Goyal.
The court directed his lawyers to take appropriate steps concerning his health.
In his bail plea filed last month, Goyal cited multiple medical ailments like heart condition, prostate and orthopaedic issues and claimed there were reasonable grounds to believe that &ldquo;he is not guilty&rdquo;.
The ED has filed a response to his bail plea and the matter will be further heard on January 16.
The ED case under the Prevention of Money Laundering Act (PMLA) stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged fraud of Rs 538 crore at the state-run Canara Bank.
The FIR was registered on the bank&rsquo;s complaint alleging that it had sanctioned credit and loans worth Rs 848.86 crore to Jet Airways (India) Limited of which Rs 538.62 crore was outstanding.&nbsp;
<a href="https://www.editorji.com/india-news/26-girls-go-missing-from-illegal-shelter-home-in-bhopal-ncpcr-seeks-action-1704543192710">26 girls go missing from illegal shelter home in Bhopal, NCPCR seeks action</a>

One of the requirements for a company to be eligible for the codes is for the airlines to be operational

Crisis-hit Jet airways and Go First lose airline codes for being non-operational

One of the requirements for a company to be eligible for the codes is for the airlines to be operational

A new crisis has hit an already cash-strapped airlines Jet Airways and Go First as they have lost their airline codes for being non-operational. The International Air Transport Association (IATA) assigns a two character codes to the world's airlines.
The IATA has withdrawn the G8 airline code given to Go First and 9W that was assigned to Jet Airways. IATA assigns the airline designator code to companies to use for reservations, schedules, timetables, telecommunications, ticketing, cargo documentation, legal, tariffs and/or other commercial/traffic purposes.
Also Read: <a href="https://www.editorji.com/business-news/jalan-kalrock-deposits-another-100-crore-for-jet-airways-revival-1693541057263">Jalan Kalrock Deposits Another ₹100 Crore For Jet Airways Revival</a>
According to Albert Tjoeng, Head of Corporate Communications at IATA, airlines are eligible for a code only if the airline is in operation.&nbsp;
"One of the requirements for a company to be eligible for an IATA two-letter designator is that the airline needs to be operating. As Go First ceased to operate commercial flights since early May 2023, it is currently not eligible for the IATA two-letter designator," Albert Tjoeng, Head of Corporate Communications at IATA, said in a statement.&nbsp;
As per Financial Express, the withdrawal of the airline code would lead to disruptions in ticketing, reservations, and baggage handling operations for these airlines. Besides logos and taglines, these codes also become an identity for airlines. Losing them up means losing their uniqueness.
Go First ceased operations in May 3 and intiated a voluntary insolvency proceedings. Similarly, the Jalan Kalrock Consortium that emerged as the successful bidder for Jet Airways is ordered to clear the dues worth Rs 350 crore by September 30&nbsp;
&nbsp;

ED arrests Jet Airways founder Naresh Goyal in bank fraud case

CBI FIR was registered on Canara Bank's complaint which alleged that it sanctioned credit limits and loans to JIL to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The CBI had said the account was declared fraud in 2021

The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here.
Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek his custodial remand, the sources said.
Jet Airways, a full-service carrier, had shut its operations in April 2019, after running out of cash. Later, Goyal stepped down as the chairperson of the airline.
The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with the alleged Rs 538-crore fraud case at the Canara Bank.
The Enforcement Directorate (ED) had carried out raids against Goyal and others involved in the case in July.
The CBI FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The CBI had said the account was declared "fraud" on July 29, 2021.

Jalan Kalrock Consortium is required to pay only Rs 100 crore more to take control of Jet Airways which has not flown since April 17 2019

Jalan Kalrock Deposits Another ₹100 Crore For Jet Airways Revival

Jalan Kalrock Consortium is required to pay only Rs 100 crore more to take control of Jet Airways which has not flown since April 17 2019

Jalan Kalrock Consortium, the winning bidder for the revival of the grounded carrier Jet Airways, has announced that it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore.
"JKC confirms that it has deposited Rs 100 crores in Jet Airways in less than 48 hours after the NCLAT allowed the implementation of the revival plans," the consortium said in a statement.
"With this infusion, JKC has now invested Rs 250 crore in Jet Airways and is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline," the consortium added in the statement.
Also Read: <a href="https://www.editorji.com/business-news/jet-airways-crisis-bidder-jalan-kalrock-consortium-gets-97-more-days-to-pay-dues-to-sbi-1685115409844">Jet Airways crisis: Bidder Jalan Kalrock Consortium gets 97 more days to pay dues to SBI</a>
The consortium also expressed gratitude to all stakeholders for their support. It added, "We are confident that this progress will lead to a successful resurgence of Jet Airways, and we look forward to bringing the joy back to our guests."
Earlier this week, the three-member NCLAT bench had accepted the plea by the consortium to extend the timeline and also to adjust ₹150 crore from the performance bank guarantee (PBG) towards the payment of ₹350 crore. The consortium had also submitted an undertaking before the appellate tribunal and committed to paying ₹100 crore by August 31, 2023, and another ₹100 crore by September 30, 2023.
Remember, Jet Airways has not flown since April 17, 2019. The insolvency resolution proceedings against the carrier began in June 2019, and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the Jalan Kalrock Consortium in June 2021. However, the plan is yet to be implemented.

DGCA renews Jet Airways' AOC under Jalan-Kalrock Consortium, marking progress in the revival

DGCA renews airport operator certificate of Jet Airways, revival progresses

DGCA renews Jet Airways' AOC under Jalan-Kalrock Consortium, marking progress in the revival

In a significant development, the Directorate General of Civil Aviation (DGCA) has renewed the air operator certificate (AOC) of Jet Airways. This move comes as a major step towards the revival of the airline, which has been awaited by aviation enthusiasts and travellers alike.
The renewal of the AOC was confirmed by the Jalan-Kalrock Consortium in an official statement, expressing their heartfelt gratitude to the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders who have shown unwavering faith in their efforts to resurrect Jet Airways. The consortium, which is leading the revival efforts, remains fully dedicated to the airline's success and is committed to implementing a comprehensive strategy to achieve it.
Under the framework of the Insolvency and Bankruptcy Code, Jet Airways is currently undergoing revival proceedings, in line with the resolution plan approved by the National Company Law Tribunal (NCLT). The ownership transfer of Jet Airways to the Jalan-Kalrock consortium was authorized by the NCLT in January, paving the way for the revival process to commence.
Jet Airways holds the distinction of being the first airline in the history of Indian aviation to be revived under its original name after experiencing a prolonged grounding period. The NCLT's approval of the resolution plan submitted by the Jalan-Kalrock consortium in 2021 set the stage for this ambitious revival project.
The consortium, composed of prominent individuals, includes UAE-based non-resident Indian, Murari Lal Jalan, who will hold shares in Jet Airways personally, and Florian Fritsch, who will hold shares through his investment holding company, Kalrock Capital Partners Ltd, Cayman.
Jet Airways, once a prominent player in the Indian aviation industry, had ceased operations in April 2019 due to financial woes. However, the path to ownership transfer and subsequent revival faced hurdles arising from differences between the lenders and the consortium. With the DGCA's renewal of the AOC, a significant milestone has been achieved, bolstering hopes for the airline's return to the skies.
As the revival process gains momentum, the Jalan-Kalrock Consortium vows to maintain close collaboration with all relevant authorities, industry partners, and stakeholders to ensure the successful reestablishment of Jet Airways.&nbsp;
Also Watch: <a href="https://www.editorji.com/india-news/aviation/report-jet-airways-ceo-designate-sanjiv-kapoor-quits-1682691789992">Report: Jet Airways CEO Designate Sanjiv Kapoor quits</a>

Jalan Kalrock Consortium had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues

Jet Airways crisis: Bidder Jalan Kalrock Consortium gets 97 more days to pay dues to SBI

Jalan Kalrock Consortium had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues

The National Company Law Appellate Tribunal (NCLAT) has given Jalan Kalrock Consortium an extension of 97 days to pay dues to SBI. Jalan Kalrock Consortium (JKC) emerged as the successful bidder of Jet Airways.
JKC had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues. SBI leads the group of lenders. JKC had earlier expressed interest to restart operations of Jet Airways.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate expired last week. Jet Airways stopped operating on April 18, 2019 after flying for 25 years. The insolvency proceedings against the airline started in June 2019. The NCLT approved the resolution plan by the consortium in June 2021.&nbsp;&nbsp;

Jet Airways' air operator's licence expires on May 19, but its prospective owners, the Jalan Kalrock Consortium, have not yet made payments to lenders, hired a CEO, or spoken with airports about available slots

The operator's licence for Jet Airways expires on May 19

Jet Airways' air operator's licence expires on May 19, but its prospective owners, the Jalan Kalrock Consortium, have not yet made payments to lenders, hired a CEO, or spoken with airports about available slots

Jet Airways revival continues to remain in limbo even after 4 years. In yet another setback, the airline's air operator's permit (AOP) is set to expire on May 19th.&nbsp; The Directorate-General of Civil Aviation granted Jet Airways the permit on May 20, 2022 so that it could start full-scale operations by October 2022. However, now, a revival even in 2023 looks unlikely, say experts.&nbsp;
In the past year, Jet Airways saw a spate of high level exits including Sanjiv Kapoor, chief executive officer-designate and Mark Turner, vice president of in-flight services among others. With no management team in place, its future owners, the Jalan Kalrock Consortium (JKC), have not yet paid their creditors or finalised the transfer of control. In October 2020, JKC was announced as the winning bidder for the bankrupt airline.
After Air India, Jet Airways was the only other full-service airline operating in India since it started as an air taxi company in 1993. Naresh Goyal launched it, and it started operating in its entirety in 1995. International flights were introduced in 2004.&nbsp;
JKC informed the National Company Law Tribunal (NCLT) last week that more time is needed for it to implement the revival plan and pay creditors, as reported by Money Control.&nbsp;

Jet Airways shuttered operations in April 2019 and later went into insolvency proceedings.

Jet Airways CEO Designate Sanjiv Kapoor quits

Jet Airways shuttered operations in April 2019 and later went into insolvency proceedings.

Jet Airways CEO-Designate Sanjiv Kapoor has quit the grounded airline, according to a source.
He had joined the airline as the Chief Executive Officer in April last year.
The source said that Friday was the last working day for Kapoor at the airline.
There was no immediate comment from Kapoor.
Jet Airways shuttered operations in April 2019 and later went into insolvency proceedings.
Jalan Kalrock consortium had emerged as the winning bidder for the once-storied carrier under the insolvency resolution process. However, with continuing differences with the lenders, the transfer of ownership of the airline to the consortium.

The pay cut would be up to 50 per cent and the quantum would be higher for the CEO and CFO. 

Jet Airways to cut salaries, send many staff on leave without pay

Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay. 

The pay cut would be up to 50 per cent and the quantum would be higher for the CEO and CFO.&nbsp;

Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations.
The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows.
The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year. However, due to various issues, the airline is yet to restart operations.
The pay cut would be up to 50 per cent and the quantum would be higher for the CEO and CFO. The temporary pay cuts and Leave Without Pay (LWP) for the affected staff would be effective from December 1, a source close to the development said.
Also Watch| <a href="https://www.editorji.com/business-news/jet-airways-ready-for-take-off-in-just-a-month-1658907379141">Jet Airways ready for take-off in just a month</a>
In a series of tweets, Jet Airways CEO Sanjiv Kapoor said less than 10 per cent of the total staff would be on temporary Leave Without Pay and one-third would be on temporary pay reduction.
According to him, "two-thirds of staff (are) not impacted at all" and no staff has been asked to go.
"... with the ownership transfer timeline slipping due to factors outside our control, some temporary hard decisions had to be taken," he said, adding that the team working to revive Jet Airways was not responsible for the airline running out of cash and suspending operations.
Jet Airways has around 250 staff.
The latest development also comes against the backdrop of Kalrock Capital's promoter Florian Fritsch coming under the lens of regulatory agencies in Liechtenstein, Switzerland, and Austria.

Dear, ladies and gentlemen, kindly fasten your seat belts and upright position for take-off as Jet Airways is all set to hit the skies in September 2022. 
The airline wrote on its Twitter, “Good things come to those that wait - as it will be flying again soon.” 
According to reports, the airline has started the process for hiring pilots for Airbus' A320 aircraft as well as Boeing's 737NG and 737Max planes. 
The airline that received an air operator certificate from aviation regulator DGCA on May 20 is yet to place an order for aircraft with either European planemaker Airbus or American aerospace company Boeing, reported PTI.
Financial distress forced Jet Airways, which suspended operations on April 17, 2019, and a consortium of lenders, led by the State Bank of India (SBI), filed an insolvency petition in June 2019 to recover outstanding dues worth over Rs 8,000 crore.

Jet Airways ready to soar skies from this month 

Time to fasten your seat belts, Jet set to open bookings as it readies to soar the skies again

Jet Airways ready for take-off in just a month

News comes after Jet Airways' commercial operations were suspended on April 17, 2019, due to financial distress

Time to fasten your seat belts and upright position for take-off as Jet Airways is all set to hit the skies in September 2022.&nbsp;
The airline wrote on its <a href="https://www.editorji.com/business-news/twitter-trials-musk-to-face-legal-onslaught-from-october-1658283714506">Twitter</a>, &ldquo;Good things come to those that wait - as it will be flying again soon.&rdquo;&nbsp;
According to reports, the airline has started the process for hiring pilots for Airbus' A320 aircraft as well as Boeing's 737NG and 737Max planes.&nbsp;
Also read/watch| <a title="Income Tax Returns: July 31 deadline is a bank holiday; here's what to do" href="https://www.editorji.com/business-news/income-tax-returns-july-31-deadline-is-a-bank-holiday-here-s-what-to-do-1658900128611">Income Tax Returns: July 31 deadline is a bank holiday; here's what to do</a>
The airline that received an air operator certificate from aviation regulator <a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881">DGCA</a> on May 20 is yet to place an order for aircraft with either European planemaker Airbus or American aerospace company Boeing, reported PTI.
Financial distress forced Jet Airways, which suspended operations on April 17, 2019, and a consortium of lenders, led by the State Bank of India (SBI), filed an insolvency petition in June 2019 to recover outstanding dues worth over Rs 8,000 crore.

Please fasten your seat belts and secure all baggage underneath your seat as Jet Airways is set to return to Skies. 
According to reports, Jet Airways has been granted an air operator certificate, said the head of the Directorate General of Civil Aviation (DGCA), Arun Kumar. This allows the airline to resume commercial flight operations.
The airlines was granted the air operator certificate (AOC) after completing two proving flights.
The new owners of Jet, a consortium of Kalrock Capital and middle east-based businessman Murari Lal Jalan had applied for the security clearance on December 13 last year.

Jet Airways gets DGCA nod, ready to soar skies after three years

Please fasten your seat belts and secure all baggage underneath your seat as Jet Airways is set to return to Skies. 

Jet Airways gets DGCA nod, ready to soar skies after three years 

<div id="ins_storybody" class="sp-cn ins_storybody">
The airline plans to restart commercial flight operations in July-September quarter this year.
</div>

Please fasten your seat belts&nbsp;and secure all baggage underneath your seat as Jet Airways is set to return to Skies.&nbsp;
According to reports, Jet Airways&nbsp;has been granted an air operator certificate, said the head of the Directorate General of Civil Aviation (DGCA), Arun Kumar. This allows the airline to resume commercial flight operations.
Also read/watch| <a title="RBI's ₹30,000 cr payout to the Govt, lowest in nearly a decade" href="https://www.editorji.com/business-news/economy/rbi-s-rs-30-000-cr-payout-to-the-govt-lowest-in-nearly-a-decade-1653050257756">RBI's ₹30,000 cr payout to the Govt, lowest in nearly a decade</a>
The airlines was granted the air operator certificate (AOC) after completing two proving flights.
The new owners of Jet, a consortium of Kalrock Capital and middle east-based businessman Murari Lal Jalan had applied for the security clearance on December 13 last year.

To make a comeback after being grounded for three years, Jet Airways has appointed aviation veteran Sanjiv Kapoor as the chief executive officer (CEO) of the airline. 
According to reports, Kapoor will join Jet on April 4.
Who's Sanjeev Kapoor?
Kapoor, who has previously worked as chief operating officer at SpiceJet and chief strategy and commercial officer at Vistara, resigned as president of Oberoi Hotels on Thursday.Overall, Kapoor has experience of more than two decades in the airline industry.He pursued an MBA from the Wharton School of the University of Pennsylvania.He has a BA in computer science from Dartmouth College, U.S.
Grounded Jet Airways
Founded, and led by Naresh Goyal for over 25 years, Jet Airways was grounded on 17 April 2019 after it ran out of cash. The airline’s flying license or AOP was also made dormant months after it stopped flying in April 2019. 
 The Jalan Kalrock consortium emerged as bidder after the National Company Law Tribunal (NCLT) approved its resolution plan for Jet Airways. As per the approved plan, the Jalan Kalrock Consortium will be the new promoters of the carrier.

Jet Airways Revival: Aviation veteran Sanjiv Kapoor to to pilot as CEO

Sanjiv Kapoor, who has previously worked as chief operating officer at SpiceJet and chief strategy and commercial officer at Vistara, was currently serving as President of Oberoi Hotels on Thursday.

Aviation veteran Sanjiv Kapoor to be Jet Airways CEO

Sanjiv Kapoor was previously with full service carrier Vistara, and budget airline SpiceJet.

To make a comeback after being grounded for three years, Jet Airways has appointed aviation veteran Sanjiv Kapoor as the chief executive officer (CEO) of the airline.&nbsp;&nbsp;Kapoor will join the new and revived Jet Airways on April 4. Also read &amp; watch|&nbsp;<a title="YouTube Money: Content creators contributed Rs 6,800 crore to India GDP" href="https://www.editorji.com/business-news/youtube-money-content-creators-contributed-rs-6-800-crore-to-india-gdp-1646375297520">YouTube Money: Content creators contributed Rs 6,800 crore to India GDP</a>
Who's Sanjiv&nbsp;Kapoor?
Sanjiv Kapoor, who has previously worked as chief operating officer at&nbsp;SpiceJet&nbsp;and chief strategy and commercial officer at Vistara, was currently serving&nbsp;as President of Oberoi Hotels on Thursday. Overall, Kapoor has experience of more than two decades in the airline industry. He pursued an MBA from the Wharton School of the University of Pennsylvania.He has a BA in computer science from Dartmouth College, U.S.
Reviving Jet Airways The appointment&nbsp;comes days after the airline brought in former Sri Lankan Airlines CEO Vipula Gunatileka as the chief financial officer. Speaking on his accepting the role as the&nbsp;Chief Executive Officer,&nbsp;Sanjiv Kapoor said&nbsp;&ldquo; Even though&nbsp;Jet&nbsp;Airways has been out of operation for three years, it still has a large fan base of loyal customers who miss it every day and can&rsquo;t wait for it to take to the skies again. Working together with a very strong team of experienced aviation professionals that is being put together by the Jalan-Kalrock Consortium, I look forward to leading the charge in rebuilding&nbsp;Jet&nbsp;Airways into the most preferred customer-oriented airline once again, a people-focused airline for the digital age.&rdquo; Grounded&nbsp;Jet Airways
Founded, and led by Naresh Goyal for over 25 years, Jet Airways was grounded on 17 April 2019 after it ran out of cash. The airline&rsquo;s flying license or AOP was also made dormant months after it stopped flying in April 2019.&nbsp;
&nbsp;The Jalan Kalrock consortium emerged as bidder after the National Company Law Tribunal (NCLT) approved its resolution plan for Jet Airways.&nbsp; The Jalan Kalrock consortium promoted Jet Airways, which has not flown since April 17, 2019, will likely restart its operations this summer.

'Akasa' is the new name in the skies, although tentative name this airline already has the backing of the big bull Rakesh&nbsp;Jhunjhunwala as per reports. The aviation venture is led by seasoned professional Vinay Dube, CEO of Jet Airways.'Akasa' which is awaiting a no-objection certificate from the Ministry of Civil Aviation is looking to be a&nbsp;Ultra Low Cost Carrier in the market. Reports indicate that&nbsp;Rakesh Jhunjhunwala likely to invest Rs 260&nbsp;crore in new low-fare airline. This would not be the first investment in aviation for the big bull who has earlier invested in airline companies such as SpiceJet and Jet Airways, where he held around one percent of their equity capital in each company.&nbsp;

Akasa Air Spotted! Why Rakesh Jhunjhunwala is betting on this new airline

Jet Airways stock has halved in the last 2 weeks as a new airline looks to grab the runaway and has the big bull backing it!&nbsp;

New Airline in the offing

<ul>
<li>New airline Akasa&nbsp;likely to be launched by erstwhile Jet Management&nbsp;</li>
<li>Rakesh&nbsp;Jhunjhunwala&nbsp;likely to invest in Akasa&nbsp;</li>
<li>Akasa&nbsp;Air is awaiting NOC&nbsp;from Aviation Ministry</li>
<li>Akasa&nbsp;aims to be a ultra-low cost airline</li>
<li>Rakesh&nbsp;Jhunjhunwala&nbsp;likely to invest Rs 260 cr in Akasa&nbsp;Air</li>
</ul>

Reports indicate that carrier that has been named "Akasa" is looking to be an Ultra Low Cost Carrier&nbsp;&nbsp;

'Akasa' is the new name in the skies, although tentative name this airline already has the backing of the big bull Rakesh&nbsp;Jhunjhunwala as per reports. The aviation venture is led by seasoned professional Vinay Dube, CEO of Jet Airways. 'Akasa' which is awaiting a no-objection certificate from the Ministry of Civil Aviation is looking to be a&nbsp;Ultra Low Cost Carrier in the market. Reports indicate that&nbsp;Rakesh Jhunjhunwala likely to invest Rs 260&nbsp;crore in new low-fare airline. This would not be the first investment in aviation for the big bull who has earlier invested in airline companies such as SpiceJet and Jet Airways, where he held around one percent of their equity capital in each company. &nbsp;Read/Watch Also: <a href="https://www.edtr.ai/9tqp">Jet Set and Nowhere to Go</a>

"We are being offered peanuts" that's the reaction coming in from upset Jet Airways employees as payout for claims under the the revival plan are less than 5 percent of what is actually owed.&nbsp;With only Rs 52 cr earmarked for employees in the resolution vs claims of&nbsp;Rs 1,265 crore&nbsp;the new consortium is looking to pay only Rs 23,000 per employee vs claims which range between 3 lakhs to 85 lakhs.&nbsp;
With the approval of the National Company Law Tribunal (NCLT) to the resolution plan of Kalrock-Jalan consortium, the Insolvency Resolution Process (CIRP) of&nbsp;Jet Airways&nbsp;has already concluded.Now the employees have 90 days to accept or go into a long legal battle to counter the claims being offered.&nbsp;
&nbsp;

Jet employees claim hopes see a crash landing; Rs 3 lakh owed vs being paid Rs 23,000

Find out why Jet Airways employees feel jilted by&nbsp;by the new owners of the airlines.&nbsp;

Jet Airways 

<h1 class="headline">Only Rs 52 cr earmarked for employees in the resolution vs claims of&nbsp;Rs 1,265 crore.&nbsp;</h1>

"We are being offered peanuts" that's the reaction coming in from upset Jet Airways employees as payout for claims under the the revival plan are less than 5 percent of what is actually owed.&nbsp; With only Rs 52 cr earmarked for employees in the resolution vs claims of&nbsp;Rs 1,265 crore&nbsp;the new consortium is looking to pay only Rs 23,000 per employee vs claims which range between 3 lakhs to 85 lakhs.&nbsp;
With the approval of the National Company Law Tribunal (NCLT) to the resolution plan of Kalrock-Jalan consortium, the Insolvency Resolution Process (CIRP) of&nbsp;Jet Airways&nbsp;has already concluded.Now the employees have 90 days to accept or go into a long legal battle to counter the claims being offered.&nbsp;
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Bankruptcy resolution court NCLT has approved the plan which allows Jet Airways to fly again. India's oldest private airline Jet Airways' insolvency plan as proposed by the consortium of&nbsp;Kalrock Capital and entrepreneur Murari Lal Jalan.NCLT&nbsp;has given aviation regulator&nbsp;DGCA, Aviation Ministry given 90 days from June 22 to allot slots to Jet Airways.Jet Airways was grounded in April 2019 after a shortage funds, after which an SBI-led consortium referred it to the NCLT for resolution under the insolvency and bankruptcy code.

Jet Airways to fly again, NCLT gives nod to resolution

Get ready to book yourself on a Jet Airways flight, the bankruptcy tribunal NCLT has given the nod for the grounded Jet to take off again.&nbsp;

Bankruptcy resolution tribunal&nbsp;NCLT has approved the plan which allows Jet Airways to fly again. India's oldest private airline Jet Airways' insolvency plan as proposed by the consortium of&nbsp;Kalrock Capital and entrepreneur Murari Lal Jalan. NCLT&nbsp;has given aviation regulator&nbsp;DGCA, Aviation Ministry given 90 days from June 22 to allot slots to Jet Airways. Jet Airways was grounded in April 2019 after a shortage funds, after which an SBI-led consortium referred it to the NCLT for resolution under the insolvency and bankruptcy code.

The indigenous airlines Jet Airways today announced the suspension of 
all international flights, which were scheduled to take off tonight due 
to operational reasons. Even though the airlines did not ellaborate the 
reasons, the earlier reports had said that the operational situation at 
Jet Airways was under close scrutiny by the DGCA to ensure the airline's
 compliance with overseas flying rules. 

jet airways

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