Saturday, June 15, 2024
HomeCompaniesJet Airways reports ₹50-crore loss in Q1FY24 amid ownership transfer dispute with...

Jet Airways reports ₹50-crore loss in Q1FY24 amid ownership transfer dispute with lenders

Published on

Latest articles

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono It...


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.





Source link

More like this

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...