#Bidders for Jet Airways

[shahananasrin-blog]

[ad_1] NEW DELHI: Jalan-Kalrock Consortium, the winning bidder for bankrupt Jet Airways, on Monday said aviation regulator DGCA has renewed the airline's air operator certificate.Cash-strapped Jet Airways stopped flying from April 17, 2019. The Air Operator Certificate (AOC) was re-issued on May 20, 2022. However, since the airline did not start operations, AOC expired on May 19, 2023.In a statement, the Jalan-Kalrock Consortium (JKC) said it has "successfully obtained renewal for AOC of Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28, 2023".The renewal of AOC revalidates the confidence of the Indian aviation regulator in the revival of Jet Airways, it added.JKC emerged as the winning bidder for the grounded Jet Airways after an insolvency resolution process. However, the ownership transfer to JKC is yet to happen amid persisting differences between JKC and the lenders of the airline.According to the statement, JKC remains fully dedicated to the revival of Jet Airways and is committed to implementing a comprehensive strategy to ensure the airline's success."JKC will continue to work closely with all relevant authorities, industry partners, and stakeholders in reviving Jet Airways in coming weeks," it added.In early morning trade, shares of Jet Airways jumped nearly 5 per cent to Rs 50.80 on BSE.Last week, JKC announced the appointment of Jatinderpal Singh Dhillon the airline's accountable manager.Earlier this month, two whole time directors and a non-executive director were appointed at Jet Airways. !(function(f, b, e, v, n, t, s) )( window, document, 'script', ); [ad_2]

[newswireml]

Jet Airways employees' dues: SC refuses to entertain Jalan-Kalrock appeal#Jet #Airways #employees #dues #refuses #entertain #JalanKalrock #appeal

The Supreme Court on Monday refused to interfere in the National Company Law Appellate Tribunal’s (NCLAT’s) order directing the Jalan-Kalrock consortium, the successful bidder for Jet Airways, to pay provident fund and gratuity dues to the former employees of the debt-laden airline. The dues, estimated by the airline staff and those associated with the revival process, are over Rs 200 crore. A…

[squarwell-breakingnews]

BCAS withdraws accreditation of Jet Airways' aviation security training facilities - Times of India

BCAS withdraws accreditation of Jet Airways’ aviation security training facilities – Times of India

MUMBAI: Aviation security agency BCAS has withdrawn the accreditation given to Jet Airways‘ aviation security training facilities amid continuing uncertainty over the recommencement of the airline’s operations, according to sources. Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. A spokesperson for the Jalan Kalrock…

[znewstech]

BCAS withdraws accreditation of Jet Airways' aviation security training facilities

BCAS withdraws accreditation of Jet Airways’ aviation security training facilities

MUMBAI: Aviation security agency BCAS has withdrawn the accreditation given to Jet Airways‘ aviation security training facilities amid continuing uncertainty over the recommencement of the airline’s operations, according to sources. Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. A spokesperson for the Jalan Kalrock…

[jetline-marvel-blog-blog]

Banks slowing down Jet airways takeover. Why Indian banks unsupportive to Aviation Industry ?

Due to severe financial debts and poor management, jetairways, one of the most iconic airlines in the Indian aviation industry, stopped operations in 2019. Now The winning bidder for the troubled Jet Airways is a group led by Murari Lal Jalan and Florian Fritsch of Kalrock Capital. The creditor’s committee of Jet Airways, which was slated to establish the airline in 2022, approved their bid with…

[publictaknews]

Jet Airways relaunch hits turbulence: CEO confirms salary cut, leave without pay

Jet Airways relaunch hits turbulence: CEO confirms salary cut, leave without pay

Indian carrier Jet Airways, the once legendary airline, has hit another roadblock ahead of its relaunch, leaving many of its employees with low wages and unpaid leave. The company’s CEO Sanjeev Kapoor confirmed in a series of tweets that the measures would be effective from December 1. The move came to light hours after it was announced by the winning-bidder, the Jalan-Kalrock Consortium (JKC).…

[monicasharmalove]

Jet lenders plan to sell 75% stake, bidder's net worth should be Rs 1000 cr

Company News

Jet Airways India Ltd.’s lenders invited initial bids to buy as much as 75 percent of the debt-laden carrier, starting a process that will determine the future of India’s oldest surviving private airline.

Potential buyers must submit their interest by April 10, State Bank of India Ltd., the lead creditor, said in a document Monday. A strategic bidder should have a net worth of at least Rs 1,000 crore ($144 million) in the preceding financial year, or at least three years of experience in the airline business.

The airline is credited with successfully breaking the monopoly of state-run Air India Ltd. and was once India’s second-biggest carrier, but its fleet has dwindled to 26 planes from 124 as recently as January. Accumulated losses in nine of the past 11 years have caused Jet Airways to delay payments to banks, lessors and employees, while its founder Naresh Goyal was forced to cede control of the carrier.

Jet Airways, part-owned by Abu Dhabi’s Etihad Airways PJSC, needs Rs 8500 crore to get back on its feet after a fare war by budget airlines wiped out profits and it racked up debt of more than $1 billion.

The fate of Jet Airways is crucial to the legacy of Indian Prime Minister Narendra Modi as he faces an election that begins April 11 after holding power for the last five years. While he remains the favorite in the polls, his party has faced setbacks of late and he has been criticized for not living up to a key election promise to create 10 million new jobs a year. A collapse of Jet Airways, with 23,000 employees, could further dent his credentials.

Consortiums submitting bids should have no more than three members, with each holding a share of no less than 15 percent, according to Monday’s document.

After qualified bidders are selected, they will be provided access to the company’s data and the bid document...Read More

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Vrihis Properties emerges as successful bidder for Jet Airways BKC premises Image Source : PTI (FILE) Vrihis Properties emerges as successful bidder for Jet Airways BKC premises…

[emmaemilyuk]

Jet Airways fails to draw new bidders https://ift.tt/2Lia9a0 September 02, 2019 at 10:45PM

[sarawoods1998]

Jet Airways fails to draw new bidders https://ift.tt/2Lia9a0

[ashutentaran]

Jet Airways have shortlisted four potential bidders to submit a bid proposal after due diligence.

Ashok Leyland’s Q4 revenue have declined 57% to Rs 57 crores

[pgurus]

Air India sale: A look at the debt ridden Airlines in India and how can be revived it.

Air India’s total debt till the date of Rs. 60,074 crore. Any new investor this bid has been unviable as thenew bidder would not only clear the partial debt of Air India but also invest more finances to revive theairline.\

The divestment was delayed due to the ongoing pandemic till October 2021, as the buyers would not beable to make any physical inspections of the airline assets. Although the deadline to bid was December14th, 2021, Tata sons and Spice jet chairman Ajay Singh showed interest by September 30th, 2021.With the latest news of Air India bidding, it moreover seems like Air India is back to where it belongsafter 68 years. Tata Sons have been selected as the winning bidder with an offering of Rs 18000 crore.The government will divest its 100 percent stake in the debt-ridden Air India, Air India Express, and 50percent stake in the ground handling company (AISATS).

 Welcoming the airline back into the fold of the Tata Group, Tata Son's chairman emeritus Ratan Tatatweeted an old photograph of the late JRD Tata getting down from an Air India aircraft. The airline wasfounded by J. R. D. Tata as Tata Airlines in 1932. J. R. D. Tata himself flew its first single-engine deHavilland Puss Moth, carrying air mail from Karachi's Drigh Road Aerodrome to Bombay's (currentlyMumbai) Juhu aerodrome and later continuing to Madras (currently Chennai). After World War II, itbecame a public limited company and was renamed as Air India. In 1953, the Government of Indiapassed the Air Corporations Act and purchased a majority stake in the carrier from Tata Sons though itsfounder J. R. D. Tata would continue as Chairman till 1977. 

The BJP government’s second attempt of divesting Air India this time has been successful. During itsheyday, Air India was prominently known for its exceptional customer service. Being the perfectionistthat he was, JRD Tata strived for excellence and this resulted in the airline setting high standards evenfor its competitors such as Singapore Airlines, Thai Airways, Cathay Pacific, and others. With thedivesting of the airlines back to the Tata sons, there has been a rise of hope that the Indian economy willsee a good rise and the World famous Air India mascot The Maharaja will be back in action. 

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[globalexpressnews]

Jet Airways to resume domestic services from early 2022

Jet Airways to resume domestic services from early 2022

Image Source : PTI Jet Airways to resume domestic services from early 2022 Jet Airways will restart domestic operations by the first quarter of 2022 and short haul international flights by the last quarter of the next year, Jalan Kalrock Consortium, the winning bidder for the grounded airline, stated on Monday. The first flight of Jet Airways would be on Delhi-Mumbai route, it mentioned, adding…

[digitalfime]

Slot allotment issue expected to be resolved soon: Jet Airways' stakeholders tell NCLT

Slot allotment issue expected to be resolved soon: Jet Airways’ stakeholders tell NCLT

In the ongoing resolution case, the civil aviation ministry, regulator DGCA and winning bidder Jalan-Kalrock consortium on Monday informed the NCLT that the issue of allotment of slots to the airline is expected to be resolved soon. The matter will be again heard by the National Company Law Tribunal (NCLT) in the third week of April. Jet Airways, which shuttered operations in April 2019, is…

[goalsmateaviationofficial]

#JetAirways has clarified that the Kalrock Capital-Murari Lal Jalan consortium has not won the bid for the airline. #JetAirways #MurariLalJalan Kalrock consortium not declared successful applicant: Jet Airways Jet Airways New Delhi, Oct 8 : Jet Airways has clarified that the Kalrock Capital-Murari Lal Jalan consortium has not won the bid for the airline. In a regulatory filing, the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process, clarified the status. Ashish Chhawchharia, the RP for Jet Airways, said that the committee of creditors has not concluded e-voting on the final resolution plans submitted by the two shortlisted bidders. The clarification added that the Kalrock-Jalan consortium has intimated the resolution professional that it has not made any statement claiming to have been chosen as the successful resolution applicant. The RP will make appropriate disclosures before the stock exchanges after the voting process is duly concluded, the statement said. The clarification came after reports emerged that the consortium had been chosen as the winner for the bankrupt airline. The 17th CoC meeting of Jet Airways was held on October 3 and the final resolution plans submitted by two resolution applicants were discussed. It was decided that they would be put up for e-voting by the CoC members. Once a resolution plan has been approved by the CoC with requisite majority, an application will be filed by the RP for approval by the NCLT. Apart from the Jalan-Kalrock consortium, the other bids for Jet Airways are by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. Jalan is a UAE-based entrepreneur, who owns the company MJ Developers, and has interests in diverse sectors like real estate, mining, trading, construction, FMCG, travel and tourism and industrial works globally. Jalan has investments in the UAE, India, Russia and Uzbekistan, among other places. London-based Kalrock is a global firm operating in financial.... https://www.wefornews.com/kalrock-consortium-not-declared-successful-applicant-jet-airways/ https://www.instagram.com/p/CGLCkG1AWGl/?igshid=1997s5abowg8n

[newsoutbursts]

Jet Airways receives two financial bids

Jet Airways receives two financial bids

Two of the four shortlisted bidders’ consortia submitted financial bids for the grounded Jet Airways to the resolution professional ahead of Tuesday’s deadline, sources said. The carrier has been under insolvency proceedings at NCLT since June 2019.

One consortium comprises Kalrock Capital and U.A.E.-based businessman Murari Lal Jalan, while the other includes Flight Simulation Technique Centre…