Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. It eventually flew to over 65 destinations in India and across the world, including Europe, the Middle East, Southeast Asia, and North America, with hubs in Mumbai, Delhi, Bengal...
Jet Airways Insolvency: Was It a Black Swan Event or a Failure in Strategic Corporate Social Choices?Was the Jet Airways debacle a Black Swan event judged by its sudden fall in April 2019? Was Naresh Goyal, the founder and owner, fooled by aviation market turbulence and randomness? Since it...
Claims amounting to 200.5 million US dollars have been rejected while those worth 2.19 billion US dollars are still being verified. Lenders had taken the airline to the insolvency court after a bidding process failed to finalise a suitor. "No investor will be ready to take on the huge liabilit...
Two of Jet Airways' creditors have started court proceedings that could bankrupt the carrier potentially jeopardising the planned sale of the grounded carrier. The Mumbai bench of the National Company Law Tribunal has fixed a 13 June date to hear pleadings from truck dealer Shaman Wheels and water...
Finally, some travel insurance packages have clauses for airline insolvency. If you have travel insurance booked for your trip, or an annual travel insurance plan, you should check to see whether you are protected in the case of airline bankruptcy. If this is the case, be sure to contact ...
Jet Airways founder Naresh Goyal was been summoned by the IT Department for tax evasion as the airline goes through insolvency proceedings in the NCLT. ByQrius Credit: Debanjan Chowdhury In a sad ending for India�s largest carrier, Jet Airways will be heading to the National Company Law Tri...
In the NCLAT's October 2022, JKC was ordered to pay the monies owed to the employees as of June 2019, when the airline's insolvency proceedings commenced. After a competitive bidding process, JKC won the right to acquire Jet Airways in mid-2021. In addition to the agreed capped payments...
Earlier this week, the Indian government cleared seven amendments to the insolvency law that seeks to put in place a 330-day deadline instead of the previous 270-day for corporate resolution process, including litigation and other judicial processes, as well as make resolution plan binding on all...
"By voting for the Jalan-Kalrock consortium, in the midst of the pandemic, the lenders have voted for resolution over liquidation, thereby truly vindicating the spirit of India’s insolvency process. Stakeholders, including employees, are naturally excited. With the support of all including the go...
(v) being a corporation, becomes the subject of insolvency proceedings, or has a liquidator or receiver and/or manager or other like person appointed over any of its assets;(vi) being a firm or partnership, becomes the subject of an event of bankruptcy or is dissolved; or...