Jet Airways

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Shares of Jet Airways witnessed an unprecedented rally on the bourses, bouncing back sharply after days of massive fall to close the day over 122 per cent higher. After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the BSE, helped by robust fag-end buying. During the day, it zoomed 133.68 per cent to Rs 77.35.

Less than 15 aircraft of Jet Airways are currently operational, civil aviation secretary P S Kharola said on Wednesday. The SBI-led consortium of lenders had taken over the management of the cash-hit Jet Airways last month. Asked about the active fleet of the beleaguered airline, the aviation secretary said here that "yesterday, it was 28".

"The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement by banks said.

At least 30 passengers on a Jet Airways flight from Mumbai to Jaipur suffered nose and ear bleeding after the crew "forgot" to turn on a switch that controls cabin air pressure.

With Jet Airways delaying salaries of its pilots and engineers for the second consecutive month, amid a severe financial crunch, its pilots have warned the management of "non-cooperation". The Naresh Goyal-promoted private airline is facing ab acute cash crunch after posting two back-to-back quarterly losses this year.

Jet Airways, which has been grounded for nearly two years, on Monday reported a standalone loss of Rs 2,841.45 crore for the year ended March 2020.

The resolution professional (RP) of Jet Airways has filed a revival plan recently approved by the committee of creditors with the National Company Law Tribunal (NCLT) to seek its clearance under the Insolvency and Bankruptcy Code.

With the final nod for reviving Jet Airways taking some time in the National Company Law Tribunal (NCLT), the Jalan-Kalrock consortium on Thursday said it remains “committed” to their resolution plan; has “no intentions of withdrawing from the ongoing resolution process” and remains confident the plan will be approved at the earliest.

The new owners of once-bankrupt Jet Airways India are in talks with Boeing Co and Airbus SE to purchase at least 100 narrow body jets for the carrier’s fleet in a bid to revive what used to be the biggest private airline in the South Asian nation before it collapsed under a pile of debt.

The National Company Law Tribunal (NCLT) on Wednesday warned Jet Airways committee of creditors (CoC) of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.

Jet Airways creditors are seeking court action to save the bankrupt carrier from liquidation as a key deadline looms. Lenders plan to request the court to extend a mid-March deadline for creditors to agree on a resolution plan. Potential buyers are also seeking more time to prepare bids. The airline could be forced into liquidation if there’s a further delay.

The National Company Law Tribunal (NCLT) on Wednesday directed the financial creditors of the grounded Jet Airways to release some interim lifeline funds within 15 days. The lenders had in-principle sanctioned Rs 63 crore to the RP and SBI, the lead lender, had reportedly already disbursed its portion of Rs 10 crore.

Monday is a crucial day for Jet Airways and could well decide whether the troubled airline formally closes down or keeps flying. The management will meet lenders tomorrow with a fresh plan to request for the promised emergency infusion of Rs 1,500 crore. The pilots are divided on the issue of going on a strike as there are hardly any flights left to operate.

The company got an additional equity of $300 million from lease incentives and bank borrowings, Jet Airways deputy chief executive officer and chief financial officer Amit Agarwal today said during an analysts call post June quarter earnings. Agarwal, however, did not give the breakup, but said, "A large proportion of it came from lease incentives."

A Jet Airways spokesman said the airline is “committed to honor its obligations towards its employees and has already paid salaries on time to 84 per cent of its employees. Given the cash-strapped airline’s financial condition, its union of Indian pilots described it as “the best possible outcome at the moment”.

Jet Airways, which is undergoing insolvency resolution process, has reported widening of loss to Rs 5,535.75 crore in the year ended March 2019 as a surge in expenses took a toll. The full-service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore. These figures are for standalone comprehensive losses.

In its last quarter of operation (April-June), the single biggest airline in terms of international air travel, Jet Airways flew just 57,635 international travellers — almost a third of the about 1.5 lakh by GoAir which started international operations last Oct. The growth of other Indian and foreign carriers ensured India's marginal increase in foreign travel.

Jet Airways domestic pilots body, National Aviators Guild (NAG), on Wednesday deferred its proposed agitation from next month in view of the developments on the nation's borders. Pilots had on Monday said that they would not perform additional duties and wear black bands from March to protest against salary delays.

In a bid to stay afloat, Jet Airways has asked banks to give a moratorium and restructure its loan, while seeking fresh funds to meet working capital needs. According to Bloomberg data, Jet has the highest proportion of short-term debt to total debt at 46% compared with Asian peers.

Public sector lender Punjab National Bank (PNB) has moved the Insolvency appellate tribunal NCLAT against the approval of bids for defunct airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) bench has issued a notice over the PNB's petition along with its interim plea seeking a stay over the execution of the resolution plan.