What is the Supreme Court decision on Jet Airways?
In a historic decision, the Hon’ble Supreme Court of India ordered the liquidation of Jet Airways (India) Ltd. India’s most prominent airlines. The verdict in State Bank of India & Ors. The Consortium of Mr. Introduction. The Supreme Court of India has ordered the liquidation of Jet Airways, setting aside a March 12 decision by the NCLAT that had upheld the transfer of ownership to the Jalan Kalrock Consortium (JKC) as part of the airline’s Corporate Insolvency Resolution Process (CIRP).Jet Airways, once a leading Indian airline, is no more. The Supreme Court ordered its liquidation after years of financial struggles and failed revival attempts. The airline ceased operations in 2019 due to mounting debt. The court’s decision marks the end of an era for the airline and its employees.Jet Airways collapsed in April 2019. The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the transfer of ownership of Jet Airways to Jalan Kalrock Consortium (JKC), almost a year after it permitted the transfer of ownership to JKC in January 2023.
Why was Jet Airways closed?
What happened to Jet Airways? Jet Airways faced financial difficulties due to rising fuel costs, intense competition from low-cost carriers, and operational inefficiencies. It ceased operations in 2019 and entered insolvency proceedings. Rising Costs: High operating costs, including fuel prices and maintenance expenses, strained Jet Airways’ financial resources. Mounting Debt: The airline’s aggressive expansion strategy resulted in a significant debt burden, which became unsustainable.The airline did not have adequate assets for financing even current operations, let alone for future growth. A shutdown thus became inevitable.
What is the old name of Jet Airways?
This is a list of defunct airlines of India. Called Alliance Air from 1996 to 2007 then renamed back to Alliance Air in 2017. Merged into Jet Lite, later merged into Jet Airways. Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India.
Who is the owner of Jet Airways?
Naresh Goyal. Naresh Goyal (born 29 July 1949) is an Indian businessman who is the founder and Chairman of Jet Airways. He started operating Jet Airways in 1993 with initial seed money from Tail Winds incorporated, Isle of Man. Jet Airways founder Naresh Goyal’s wife, Anita Goyal, died in Mumbai after a long battle with cancer.Naresh Goyal. Naresh Goyal (born 29 July 1949) is an Indian businessman who is the founder and Chairman of Jet Airways. He started operating Jet Airways in 1993 with initial seed money from Tail Winds incorporated, Isle of Man.Jet Airways founder Naresh Goyal’s wife Anita Goyal passed away on Thursday morning after suffering from the final stage of cancer. Anita Goyal is survived by her husband and two children, Namrata and Nivaan Goyal.Jet Airways founder Naresh Goyal, an accused in the alleged fraud of ₹538 crore at Canara Bank, on Saturday told a special court here with “folded hands” that he had “lost every hope of life” and it will be “better if he dies in jail” than living in his present condition.Once considered India’s best airline, Naresh Goyal-founded Jet Airways stopped flying in April 2019 after it ran out of money and couldn’t service its debt.
Who is the daughter of Jet Airways owner?
Namrata Goyal, daughter of Mr Naresh Goyal, Chairman, Jet Airways. Anita Goyal is survived by her husband and two children, Namrata and Nivaan Goyal. Naresh Goyal sought interim bail earlier this month on humanitarian grounds to be with his wife. Mumbai: Jet Airways founder Naresh Goyal’s wife Anita Goyal passed away on Thursday morning after suffering from the final stage of cancer.
Who owns jets in India?
Closer home, Mukesh Ambani, Adar Poonawalla, Sachin Tendulkar, Virat Kohli, Shah Rukh Khan, and Shilpa Shetty are a few private jet owners. In this blog, let’s explore the private jet space and what it takes to own a private jet. Former Indian skipper Virat Kohli, one of the highest-paid athletes in the world, reportedly owns a private jet valued at around ₹125 crore.