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New Delhi, <keyword id="4170404" type="General" weightage="20" keywordseo="The-National-Company-Law-Appellate-Tribunal" source="Orion">The National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="General" weightage="100" keywordseo="nclat" source="Orion">NCLAT</keyword>) on Monday extended the time till September 30 for <keyword id="12994944" type="General" weightage="20" keywordseo="jalan-kalrock-consortium" source="Orion">Jalan-Kalrock Consortium</keyword> for payment of Rs 350 crore to the lenders of the bankrupt <keyword id="6358200" type="General" weightage="20" keywordseo="Jet-Airways" source="Orion">Jet Airways</keyword>. A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore. The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The NCLAT order is yet to be uploaded on NCLAT website. Earlier, the consortium was to pay Rs 350 crore to the lenders by August 31 but had sought an extension for making the payment. The NCLAT on last Monday had reserved its order. While the consortium emerged as the winning bidder under the insolvency resolution process, the ownership transfer has been hanging fire amid continuing differences between lenders and consortiums.

Jet Airways insolvency: NCLAT extends time till Sep 30 for Jalan-Kalrock to pay Rs 350 cr

New Delhi, July 31 (IANS) The <keyword id="12994944" type="General" weightage="20" keywordseo="jalan-kalrock-consortium" source="Orion">Jalan-Kalrock Consortium</keyword>, which is the resolution applicant for the cash-strapped <keyword id="6358200" type="General" weightage="80" keywordseo="jet-airways" source="Orion">Jet Airways</keyword>, has successfully secured the renewal of the airline's air operator certificate (AOC) from the <keyword id="6354705" type="General" weightage="50" keywordseo="directorate-general-of-civil-aviation" source="Orion">Directorate General of Civil Aviation</keyword> (DGCA). This crucial development clears the path for the grounded passenger carrier to resume its operations and revive its services in India. In a statement issued on Monday, the Jalan-Kalrock Consortium said that the successful resolution applicant of Jet Airways successfully obtained renewal for the AOC of Jet Airways from the DGCA on July 28, thereby reinforcing its commitment to revive the airline. "The renewal of AOC revalidates the confidence of the Indian aviation regulator in the revival of Jet Airways. "JKC expresses its heartfelt gratitude to the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders, in showcasing their faith in JKC and in the revival of Jet Airways. "The Jalan and Kalrock Consortium 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." According to the DGCA, considering that Jet Airways is still under the Corporate Insolvency Resolution Process (CIRP) and that NCLT (National Company Law Tribunal) &amp; NCLAT (National Company Law Appellate Tribunal) have jurisdiction over the insolvency of the Company, they have granted extension(s)/exclusion(s) of time for the implementation of the approved Resolution Plan until September 3. Consequently, the DGCA has extended the AOC for Jet Airways only for the limited purpose of completing the ongoing CIRP, valid until September 3. While putting some conditions, the aviation watchdog said that Jet Airways shall be required to undergo re-certification in accordance with the procedure contained in CAP 3100, as applicable for issuance of AOC and demonstrate compliance of all the applicable regulatory requirements afresh before commencement of flight operations. "Fee as applicable for issuance of AOC, shall be payable for such re-certification and Jet Airways shall submit a firm action plan for revival of operations after the company is taken over by the SRA in accordance with the NCLT approved resolution plan,” said the DGCA.

Jet Airways' air operator certificate renewed by DGCA till September 3

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier <keyword id="6358200" type="General" weightage="20" keywordseo="Jet-Airways" source="Orion">Jet Airways</keyword>, on Friday said it has infused an additional Rs 100 crore in the airline as per the court-approved resolution plan. With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jey Airways, JKC (Jalan Kalrock Consortium) said in a statement. JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days. Jet Airways has not flown since April 17, 2019. "Kalrock Consortium (JKC) today completed an additional infusion of 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways," the consortium said in the statement. "With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline," it added. It also said that the consortium's strategy to revive the airline remains unaltered. "The new promoters are determined to re-establish the operations of the airline up and running in 2024," it said and added that further announcements regarding the launch date of Jet Airways will now be made in the coming weeks.

Jet Airways hits upper circuit after Jalan Kalrock Consortium infuses Rs 100 cr more

New Delhi, The CBI on Friday conducted searches at seven locations including the premises of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> and its founder <keyword id="122732" type="General" weightage="20" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in Mumbai in connection with an alleged Rs 538-crore fraud case in Canara Bank, officials said. The CBI searches were spread across residences and offices of Goyal, his wife Anita, and former airline director Gaurang Ananda Shetty. The agency has registered a new case of alleged bank fraud of Rs 538 crore on a complaint from Canara Bank, they said. The allegations pertain to alleged diversion of funds among other irregularities, they said. The company was in the process of revival after <keyword id="10393287" type="General" weightage="50" keywordseo="jalan-kalrock-consortium" source="Orion">Jalan Kalrock Consortium</keyword> won the bid for Jet Airways under the insolvency resolution process at <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT).

CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

A little over a year after coming onboard to revive bankrupt-<keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword>, CEO-Designate Sanjiv Kapoor has quit the airline even while its winning bidder Jalan Kalrock consortium asserted that it is committed to the airline's revival. The resignation of Kapoor, which follows a string of senior executives quitting the grounded airline in recent months, is the latest air pocket faced by Jet Airways, which shuttered operations back in April 2019. After flying for more than 25 years, the once-storied Jet Airways went into an insolvency resolution process and the Jalan Kalrock Consortium (JKC) emerged as the winning bidder. However, the ownership transfer process has been facing headwinds for long. In a statement on Friday, JKC said Kapoor is departing the company effective May 1 at the conclusion of his notice period. A source said that Kapoor's last working day at the grounded airline was Friday. He joined the airline as the Chief Executive Officer (CEO) in April 2022. JKC said it remains fully committed to the revival of Jet Airways and its executive committee will oversee CEO-designate responsibilities until a suitable replacement is in place. Ankit Jalan, a Board Member of the consortium, said it will be announcing the new CEO for Jet Airways shortly. "... Jet Airways was one of the most loved airlines in India for the last 25 years it operated before ceasing operations in 2019. I am proud of the ground-breaking business plan we put together and the progress we made though regrettably, the restart of operations could not happen as planned in 2022," Kapoor said in the statement. Amid continuing differences with the lenders that have delayed the ownership transfer, Jalan said JKC is in the last leg of closing the transfer. "The revival of Jet Airways is through a court-approved process, which has taken more time than originally estimated by us, but needless to say JKC is committed to the revival of Jet Airways. "We are in the last leg of closing the transfer of ownership of Jet Airways to JKC, subsequent to which we will settle outstanding amounts payable to previous creditors as per our approved resolution plan and shall, soon thereafter, recommence the commercial operations of Jet Airways as per our re-launch plans," Jalan said. On January 2, JKC said Kapoor will remain the CEO-designate of the company till the airline's ownership is transferred to the consortium by the lenders. The airline's air operator certificate was revalidated by aviation safety regulator DGCA in May 2022, following which it announced its plans to recommence operations in September 2022, but the relaunch was delayed. Prior to joining of Kapoor, Sudhir Gaur had quit as the interim CEO of Jet Airways. On March 20, Kapoor said the new management does not want to be "in a rush" to restart the operations of Jet Airways. Speaking at a conference in the national capital, he had also said the journey is a marathon and not a sprint. "Consumers in a market as large as India need a choice of full-service carriers, and I look forward to seeing Jet Airways back in the skies again soon!" Kapoor said on Friday. In October 2020, the airline's Committee of Creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital. In June 2021, the consortium's bid was approved under the insolvency resolution process. In January this year, the National Company Law Tribunal (NCLT) approved the transfer of ownership of bankrupt Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The rulings had come on two petitions filed by the consortium. One plea pertained to the approval of the transfer of ownership, and the second one related to an extension of time for the payment of dues to the creditors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ultratech-cements-q4-net-profit-falls-32-to-1666-crore-declares-dividend/articleshow/99848912.cms">UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-under-pressure-after-reporting-net-loss-in-q4/articleshow/99840323.cms">Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender</a>

Jet Airways CEO-Designate Sanjiv Kapoor quits; Jalan Kalrock Consortium says remains committed to airline revival

New Delhi, In the <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> case, appellate tribunal <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> on Monday said it will pass the order on May 30 on the winning bidder <keyword id="12081798" type="General" weightage="80" keywordseo="jalan-kalrock" source="Orion">Jalan Kalrock</keyword> Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 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 consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim application moved by the consortium against SBI, the lead lender for Jet Airways, regarding encashment of the guarantees. The appellate tribunal said it will pass the order on the consortium's petition on May 30 and said "both the parties will have to take steps ahead for implementation of the resolution plan". Senior Advocate Ravi <keyword id="232375" type="General" weightage="50" keywordseo="shankar-prasad" source="Orion">Shankar Prasad</keyword> representing the consortium said it will deposit Rs 50 crore in an escrow account and requested NCLAT to direct SBI not to encash the performance bank guarantees submitted by it. Appearing for SBI, senior advocate <keyword id="234518" type="General" weightage="50" keywordseo="gopal-jain" source="Orion">Gopal Jain</keyword> said the consortium was to pay the money by May 15 but the bank has not received any money. Prasad said the consortium is taking efforts for the revival of Jet Airways and added that various permissions from the home ministry and other authorities need to be taken. "We also have to appoint our own directors," Prasad said. Meanwhile, the validity of Jet Airways' Air Operator's Certificate (AOC) expired on Friday and there has been no word so far from the consortium on whether the airline has sought revalidation of the AOC.

Jet Airways case: NCLAT to pass order on Jalan Kalrock Consortium's plea against SBI on May 30

The consortium led by <keyword id="10069465" type="PERSON" weightage="20" keywordseo="murari-lal-jalan">Murari Lal Jalan</keyword> and Kalrock Capital on Monday said that it plans to operationalise <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> by the summer of 2021, subject to certain conditions. Accordingly, the consortium has announced the revival of Jet Airways as a full-service carrier. "The Jet 2.0 programme is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes," the consortium said in a statement. As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations. "If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time, Jet Airways will be back in the skies by the Summer of 2021," the statement said. According to the statement, consortium's vision is to regain the lost ground, set new benchmarks for the airline industry with the tag of being the best corporate full-service airline operating on domestic and international routes. "The Jet 2.0 hubs will remain Delhi, Mumbai, and Bengaluru like before. The revival plan proposes to support Tier-2 and Tier-3 cities by creating sub-hubs in such cities," the statement said. "This will boost the economy in these cities, help Jet Airways stand back on its feet fast, and support the overall vision of the Indian government to promote aviation business through Tier 2 and 3 cities in India." SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-covid-19-vaccine-serum-institute-seeks-emergency-use-nod-for-covishield-vaccine-in-india/articleshow/79600349.cms" data-type="tilCustomLink">Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India</a> <a href="https://www.businessinsider.in/india/news/section-144-extended-across-noida-and-greater-noida-till-january-2/articleshow/79600323.cms" data-type="tilCustomLink">Section 144 extended across Noida and Greater Noida till January 2</a>

Jet Airways could resume operations by summer of 2021

<ul><li>In its resolution plan, the company stated it aims to begin operations with six aircraft on domestic routes and add one aircraft every month post-commencement.</li><li>Post the NCLT approval, the company plans to reach out to the Ministry of Civil Aviation and DGCA for multiple clearances.</li><li>On November 3, the winning consortium had also submitted the performance security bond of about ₹150 crore.</li></ul>Weeks after the <keyword id="10233231" type="UNKNOWN" weightage="20" keywordseo="beleaguered-airline-jet-airways">beleaguered airline Jet Airways</keyword> found its new owners — the company has now submitted a revival plan with financial and operational measures to <keyword id="4195801" type="COMPANY" weightage="20" keywordseo="the-national-company-law-tribunal">the National Company Law Tribunal</keyword> (NCLT). With this move, the consortium inches a step closer towards resurrecting the debt-strapped airline. For any takeover under the Insolvency and Bankruptcy Code, the first step is to get approvals from the creditors, followed by NCLT clearance. According to an <a href="https://www.timesnownews.com/business-economy/companies/article/exclusive-jet-airways-submits-revival-plan-with-financial-operational-measures-to-nclt/678208">ET report</a>, the financial plan submitted by Kalrock Capital and <keyword id="10233232" type="PERSON" weightage="20" keywordseo="murari-jalan">Murari Jalan</keyword> includes an upfront payment of ₹380 crore to financial creditors. And it also lists a further payment of ₹590 crore in year three, four and five of commencement of operations. The company will also pay 10% of free cash flows to the financial creditors. And will also provide a 9.5% stake in Jet Airways and a 7.5% stake in JPPL for financial creditors. The operation plan entails a mix of international, cargo, domestic operations for the cash-strapped airline. It also plans to onboard new generation aircraft to improve its efficiency. The airline also mentioned that it would look for international alliances and partners from the beginning of the operations. In its resolution plan, the company stated it aims to begin operations with six aircraft on domestic routes and add one aircraft every month post-commencement, taking the fleet size to 120 in a period of five years. After the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) approves the plan, the company will reach out to the Ministry of Civil Aviation and DGCA for multiple clearances, such as certificates to the slots at the airport, among others. Earlier, Jet Airways approved the resolution plan submitted by Murari Lal Jalan and Kalrock Capital to acquire the airline. On November 3, the winning consortium had also submitted the performance security bond of about ₹150 crore. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-guidelines-for-international-arrivals-heres-what-you-need-to-do-before-boarding-the-flight-to-india/articleshow/79078910.cms" data-type="tilCustomLink">New guidelines for international arrivals: Here’s what you need to do before boarding the flight to India</a> <a href="https://www.businessinsider.in/politics/world/news/2020-election-see-insiders-comprehensive-guide-to-the-presidential-and-top-congressional-races/articleshow/78878848.cms" data-type="tilCustomLink">LIVE RESULTS: Biden has taken the lead in the Republican stronghold of Georgia, as he closes in on the presidency</a>

Jet Airways inches a step closer towards its revival plan as it files for NCLT approval — owners aim to revive operations with six aircrafts

Carrier <keyword id="6358200" type="General" weightage="100" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> is on shaky ground and its shares declined more than 15 per cent in three days, revealed stock exchange <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Wednesday. Many developments, pertaining to the airline, have occurred in a span of 1-2 weeks. According to reports, the aviation security agency BCAS on Wednesday withdrew the accreditation given to Jet Airways' aviation security training facilities while last Monday, the airline temporarily cut the salaries of some staff by up to 50 per cent and some were sent on leave without pay. In five days, the shares of the airline, which is currently at Rs 65.55 apiece, went down by almost 18 per cent while its shares declined 30.74 per cent in the past month. Its shares had been dropping by 45.01 per cent in the past six months. Adding one more hurdle to the headwinds, the aviation security agency Bureau of Civil Aviation Security (BCAS) has withdrawn the accreditation given to Jet Airways' aviation security training facilities amid continuing uncertainty over the recommencement of the airline's operations, "The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of <keyword id="15595241" type="General" weightage="50" keywordseo="jet-airways-at" source="Orion">Jet Airways at</keyword> <keyword id="11900977" type="General" weightage="50" keywordseo="gurugram" source="Orion">Gurugram</keyword> and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection...," BCAS said in a communication. According to reports, the Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bajaj-pulsar-p150-with-an-air-cooled-engine-launched-at-1-17-lakh/slidelist/95709491.cms">Bajaj Pulsar P150 with an air-cooled engine launched at ₹1.17 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vocal-for-local-online-commerce-unicorn-meesho-joins-ondc-to-aid-local-sellers/articleshow/95704818.cms">Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers</a>

Jet Airways' shares decline 15% in 3 days as headwinds gather

<ul><li>Shares of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> (India) were locked in a 5% upper circuit at ₹90.30 on Friday on news that the airline is in talks with Boeing Co and Airbus SE for an order worth $12 billion.</li><li>The airline, which has been grounded since 2019, is expected to resume its operations in the first quarter of FY23.</li><li>The new owners Jalan-Kalrock consortium's resolution plan for Jet was approved by a bankruptcy court in June.</li></ul>Shares of Jet Airways (India) are in the spotlight as the stock is locked in a 5% upper circuit at ₹90.30, on December 3, on news that the airline is in talks with aircraft manufacturers Boeing Co and Airbus SE for an order worth $12 billion. BloombergQuint reported that new owners -- Murari Lal Jalan and Kalrock -- said it could buy at least 100 narrow-body aircraft. The group is set to invest about $200 million through equity and debt in Jet over the next six months, said the media firm in a tweet. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The airline has been through a lot of turbulence in the last couple of years and is now in the news for resuming its operations by adding new aircraft. Jet Airways went to bankruptcy court after being grounded in April 2019. Later in June 2021 new owners -- UK-based Kalrock Capital Partners and UAE-based businessman Murari Lal Jalan -- took over the defunct airline. Now the airline is expected to resume its domestic flights in the first quarter of the next financial year that starts from April 1, 2022. <div type="image" title="jet air" height="900" width="1200" msid="88067635" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/poor-demand-for-star-healths-ipo-forces-investment-bankers-to-cut-down-on-promoter-offerings/articleshow/88065207.cms">Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector</a>

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

<ul><li>The stocks of the grounded airline <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> have more than quadrupled investors' wealth since September 30 after a massive rally.</li><li>Murari Lal Jalan of the Jalan-Kalrock consortium said that they expect to restart the defunct airline's operations in four to six months after receiving approval from the NCLT.</li><li>In an interview, the new promoters said the company would retain the 'Jet Airways' brand and keep the airline public.</li></ul>The grounded airline Jet Airways’ stocks have more than quadrupled investors' wealth since September 30 after a massive rally. The 308% jump in its shares in just four months has made investors curious despite the airline being grounded after incurring heavy losses, the airline stock has been able to woo people to fuel up its share price. <div type="image" title="Jet share price (1)" msid="81154639" hostid="261"></div> Meanwhile, the stock was today locked in an upper circuit when the broader market plummeted by over 1100 points, and its listed peers IndiGo, SpiceJet were down 4% and 3%, respectively, amid weak global cues. <div type="Article" hostid="261" msid="81150110" title="One in every five rupees lent by SBI to individuals, goes to government employees" mstype="2" mssubtype="0"></div> Here's what made the investors cheers despite an overall selloff: The new owner is in a hurry to take the airline airborne with 25 aircrafts Murari Lal Jalan of the Jalan-Kalrock consortium told PTI that they expect to restart the defunct airline's operations in four to six months after receiving approval from the National Company Law Tribunal (NCLT) for its resolution plan. Earlier in December last year, Jalan said that it plans to operationalise Jet Airways by the summer of 2021, subject to certain conditions. The NCLT likely to take a final call on the airline's resolution plan, the winning consortium's lead member Murari Lala Jalan told that "everything is on track" as far as the revival efforts for the carrier are concerned. Stressing that he is very positive about the Indian aviation sector, the new owner of Jet Airways said that initially, the airline would resume flying with around 25 aircraft. "We are very hopeful that it (NCLT nod) will come," he said, adding that a delay of one or two months here and there would not make a difference for such a big thing as reviving the airline. The company plans to remain public In another interview, the new promoters said the company will retain the 'Jet Airways' brand and will keep the airline public. "We will definitely continue the way it was. Jet will remain a full-service offering...The name of the airline will also remain unchanged, Jalan told <a href="https://www.livemint.com/companies/news/jet-to-remain-public-restart-with-25-planes-11613953029156.html">LiveMint</a>. Jalan further added that the company also has plans to rehire some of the old employees. "Jet's former staff are assets and we will definitely want to look after them. We will do whatever is possible and whatever is practical. They are human capital, and experienced professionals, who we are looking forward to working with," he added. All plans in place While there has been a curiosity that even if the airline can cope with the delays of NCLT and other paperwork, will it be able to secure its slots? Jalan, in its interview, made it clear that the airline will get its slots back. "We are very optimistic. We have been assured by the ministry (of civil aviation) that whatever slot is required will be made available. Also, a lot more slots are available now than what a year ago. I don't foresee any problem with slots," said Jalan. The company also plans to keep Delhi, Mumbai, and Bengaluru as its hub like before. The revival plan proposes to support Tier-2 and Tier-3 cities by creating sub-hubs in such cities. Likely turbulence that investors should not ignore Jet Airways, the once-storied full-service carrier, was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). This despite the tribunal itself classifying the case as one of national importance, there were no hearings at the NCLT between October last year and early February. The law mandates that the corporate insolvency resolutions process (CIRP) to be finished within 330 days after proceeding. However, in the case of Jet, the process has crossed over 530 days. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms">Puducherry Chief Minister V Narayanasamy resigns after Congress-led govt loses majority</a><a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms"></a> <a href="https://www.businessinsider.in/careers/news/deutsche-bank-plans-to-hire-1000-freshers-in-india-as-it-looks-to-build-core-technologies-in-house/articleshow/81147886.cms">INTERVIEW: Deutsche Bank plans to hire 1,000 freshers in India as it looks to build core technologies in-house</a>

This defunct airline’s stock has grown four times in just over 4 months — here's why

<ul><li>The 30-share BSE index opened 150.72 points higher, and the NSE Nifty was up 0.34% at 13,402.70.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes touched a fresh lifetime peak in early trade on Tuesday tracking gains in index majors Infosys, HDFC Bank and Maruti amid persistent foreign fund inflow. The 30-share BSE index opened 150.72 points higher, and the NSE Nifty was up 0.34% at 13,402.70. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cement </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr></tbody></table>*as of December 8, 10:30 am These are the top stocks in news today. Reliance Industries shares trade 3% higher The Mukesh Ambani-owned RIL shares soared 3% after a tepid start on Tuesday. While speaking at the India Mobile Congress 2020, Ambani said<a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-says-jio-will-rollout-5g-services-by-june-2021-and-it-will-go-beyond-india/articleshow/79619222.cms"> Jio would start 5G services</a> by the second quarter of CY21. [link it] Canara Bank surges 7% The shares of Canara Bank <a href="https://www.businessinsider.in/finance/banks/news/canara-bank-launches-2000-crore-qip-sets-the-floor-price-at-103-50-per-share/articleshow/79617503.cms">surged almost 7%</a> after the bank announced that it had set a floor price of ₹103.50 per share for its qualified institutional placement (QIP) to raise up to ₹2,000 crore. The bank sought its shareholders’ nod during the annual general meeting, held in August, for raising up to ₹2,000 crore by way of QIP. Coffee Day Enterprise soars 5% The shares of Coffee Day Enterprise soared nearly 5% after it appointed Malavika Hegde, the wife of late VG Siddhartha Hegde, has been appointed as Chief Executive Officer (CEO) of the company from December 7. Jet Airways advances 5% The shares of Jet Airways advanced over 5% after the consortium led by Murari Lal Jalan, and Kalrock Capital said that it plans to <a href="https://www.businessinsider.in/india/news/jet-airways-could-resume-operations-by-summer-of-2021/articleshow/79607964.cms">operationalise Jet Airways by the summer of 2021</a>, subject to certain conditions. Accordingly, the consortium has announced the revival of Jet Airways as a full-service carrier. Godrej Properties gains nearly 3% The shares of Godrej Properties gained nearly 3% after the company on Tuesday announced that it has entered into an outright transaction to purchase a well-located land parcel in Whitefield, Bangalore. Titan gains nearly a percent The shares of Titan gained nearly a percent after its board has decided to scale down the operations of its wholly-owned subsidiary, Favre Leuba AG (FLAG), with immediate effect. Titan said that it has been continuously supporting FLAG, and has made a series of investments. However, the current COVID-19 pandemic has severely impacted the revival plans and prospects. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/bharat-biotech-applies-for-emergency-use-approval-for-its-covid-19-vaccine-covaxin/articleshow/79617391.cms" data-type="tilCustomLink">Bharat Biotech applies for emergency use approval for its COVID-19 vaccine Covaxin</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-in-india-expert-panel-to-review-pfizer-serum-and-bharat-biotechs-emergency-use-application-tomorrow/articleshow/79617336.cms" data-type="tilCustomLink">COVID-19 vaccine in India: Expert panel to review Pfizer, Serum and Bharat Biotech's emergency use application tomorrow</a>

Sensex, Nifty at record high led by surge in IT stocks — these are the top movers in trade

New Delhi, The <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">COVID-19 pandemic</keyword> had a massive impact on the <keyword id="528556" type="PERSON" weightage="20" keywordseo="Indian-aviation-sector">Indian aviation sector</keyword> in 2020 and major airlines facing losses and challenging times laid off employees, sent them on leave without pay, or cut their salaries. The government also had to extend the deadline for submitting bids for Air India five times during the year. When the pandemic started spreading across the country, all scheduled international flights and domestic passenger flights were suspended from March 23 and March 25, respectively. Scheduled domestic flights were restarted in a limited manner from May 25. The effect of this disruption can be gauged by the loss figures of India's two largest airlines. IndiGo incurred net losses of ₹2,884 crore and ₹1,194 crore in Q1 and Q2 of this fiscal respectively. SpiceJet posted net losses of ₹600 crore and Rs 112 crore in Q1 and Q2, respectively. The government, meanwhile, permitted special international passenger flights under Vande Bharat Mission since May and air bubble arrangements were formed with around 24 countries since July. However, scheduled international flights remain suspended in India. "The revival of overseas travel is expected to be slower and more challenging than domestic. This will hurt Air India in particular as around 60% of its revenue was earlier generated from international operations," said aviation consultancy firm CAPA in October. It estimated that just 50-60 million passengers -- 40-50 million domestic and less than 10 million international -- would travel in 2020-21. In 2019-20, approximately 205 million air passengers -- 140 million domestic and 65 million international -- travelled in India. CAPA India projected in October that the Indian aviation industry will lose a combined USD 6-6.5 billion in FY21, of which airlines will account for USD 4-4.5 billion. As a result, the government's plan to sell Air India has been hit. After its unsuccessful attempt to sell the national carrier in 2018, the government in January restarted the divestment process but the pandemic forced it to extend the date for submission of expression of interest (EOI) five times. The last date of EOI submission was December 14. The government has received multiple EOIs and it will announce the name of qualified bidders by January 5. In order to make debt-laden Air India more attractive, the government changed the bidding parameter in October - bidders will now quote enterprise value instead of equity value. This means that the bidder will be able to quote how much cash it would give and how much debt of the airline it would be able to carry. However, the government made it clear that minimum 15% of the bid amount has to be in cash while the remaining would be the debt component. Air India's debt was ₹58,255 crore as on March 31, 2019. Later in 2019, ₹29,464 crore of this debt was transferred from Air India to a government-owned special purpose vehicle called <keyword id="10498331" type="COMPANY" weightage="20" keywordseo="air-india-assets-holding-company-limited">Air India Assets Holding Company Limited</keyword> (AIAHL). While Air India was unable to get a private owner in 2020, bankrupt airline Jet Airways was able to find one. A consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital won the bid on October 17 to revive Jet Airways. It expects to start operating the airline by the summer of 2021. The consortium said it is awaiting the NCLT and other regulatory approvals, including reinstatement of slots and bilateral traffic rights by <keyword id="9063062" type="COMPANY" weightage="20" keywordseo="the-civil-aviation-ministry">the civil aviation ministry</keyword> and <keyword id="6354705" type="COMPANY" weightage="20" keywordseo="directorate-general-of-civil-aviation">Directorate General of Civil Aviation</keyword> (DGCA). Slots -- which is the time zone at which a flight can land at the airport -- as well as bilateral traffic rights -- the number of flights an airline can fly to another country's city -- are precious commodities in the aviation sector. When Jet Airways went bankrupt in April 2019, its slots and rights were temporarily given to other Indian carriers by the government so that they can start new flights and fill the supply gap. Now, as other airlines have added planes and started flights considering these slots and rights will remain with them, it is not clear what decision the government will take on this matter in 2021. Meanwhile, the process to build the second international airport in Delhi moved ahead in 2020. Ten months after winning the bid for greenfield international airport in Jewar, Zurich Airport International signed a concession agreement with the Uttar Pradesh government on October 7, 2020, to begin its construction. The Swiss developer has selected a four-company consortium to design its passenger terminal. The first phase of construction of the airport is likely to be completed by 2024. Air cargo traffic in India has been showing faster recovery in 2020 as compared to passenger traffic. This has given some respite to the aviation sector. However, Anupama Arora, Vice President and Sector Head, ICRA Ratings, said, "In FY2021, total cargo volumes are expected to decline by 17-20% in FY2021 with meaningful recovery in cargo volumes expected only in FY2022." To survive the pandemic-induced crisis, all airlines took cost cutting measures like firings or pay cuts in 2020. In April, GoAir sent the majority of its employees on leave without pay. Air India had in April cut the salaries of its employees by 10%. At the same time, SpiceJet and IndiGo cut the salaries of all employees by 10-30% and 5-25%, respectively. In July, IndiGo also laid off 10% of its workforce. AirAsia India in April has cut the salaries of its senior employees by up to 20%. Starting April, Vistara implemented a leave without pay program for its employees based on seniority. Currently, the Indian airlines are operating domestic flights at around 80% of their pre-COVID levels. The domestic services are expected to reach their pre-COVID levels by March 2021. With the anti-coronavirus vaccination likely to begin from 2021, the Indian aviation sector is hoping for a much better year as compared to 2020. However, after a new and more infectious coronavirus strain emerged in the UK recently, India announced on December 21 that all passenger flights connecting that country will be suspended from December 23 to December 31. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

You Searched For "jalan kalrock consortium" and got 13 results

Jet Airways insolvency: NCLAT extends time till Sep 30 for Jalan-Kalrock to pay Rs 350 cr

PTI

Jet Airways' air operator certificate renewed by DGCA till September 3

IANS

Jet Airways hits upper circuit after Jalan Kalrock Consortium infuses Rs 100 cr more

PTI

CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

PTI

Jet Airways CEO-Designate Sanjiv Kapoor quits; Jalan Kalrock Consortium says remains committed to airline revival

PTI

Jet Airways case: NCLAT to pass order on Jalan Kalrock Consortium's plea against SBI on May 30

PTI

Jet Airways could resume operations by summer of 2021

IANS

Jet Airways inches a step closer towards its revival plan as it files for NCLT approval — owners aim to revive operations with six aircrafts

BI India Bureau

Jet Airways' shares decline 15% in 3 days as headwinds gather

ANI

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

Bhakti Makwana

This defunct airline’s stock has grown four times in just over 4 months — here's why

Navdeep Yadav

Sensex, Nifty at record high led by surge in IT stocks — these are the top movers in trade

Navdeep Yadav

COVID-19 had massive impact on Indian aviation sector in 2020

PTI

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