Defunct Jet Airways’ losses in the first quarter of FY24 were at ₹50 crore, against a revenue of ₹39 crore on a consolidated basis. Its expenses surged to ₹89 crore from ₹40 crore during the same period in the previous year.

Leadership transitions have added to the turbulence. Priya Pal Singh, the former Accountable Manager, tendered his resignation on June 12, subsequently succeeded by Captain Latinder Pal Singh on July 17. Company Secretary Neeraj Manchanda, too, resigned. Three directors, including the one who was taking on the role of Chief Financial Officer, also quit.

The Committee of Creditors (CoC) overseeing Jet Airways’ fate conveyed to the National Company Law Appellate Tribunal (NCLAT) their potential withdrawal of the appeal against the ownership transfer to Jalan Kalrock Consortium. This decision hinges on the consortium fulfilling a condition precedent by paying ₹350 crore.

CIRP implementation

Amidst the legal proceedings, the CoC informed the court of incurring substantial costs, having expended ₹470 crore since the implementation of the Corporate Insolvency Resolution Process (CIRP). Additionally, creditors revealed monthly expenses of ₹23 crore. 

Recent developments saw the NCLAT granting the Jalan Kalrock Consortium, the successful bidder for Jet Airways’ takeover, an extended timeline for payments to the State Bank of India (SBI). The consortium’s bid had previously faced challenges, with the National Company Law Tribunal (NCLT) approving the transfer in January, only to be contested in the NCLAT. The consortium ultimately prevailed, with the tribunal allowing the exclusion of the ownership hearing period from November 16, 2022, to March 3, 2023, for payment compliance.