courtesy:forbes,
On 5th May, Friday Central Bureau of Investigation (CBI) started a search operations at 7 locations in Mumbai including Jet Airways Chariman Naresh Goyal’s house and offices. As well as his wife, Anita Goyals’ and former airline Director Gaurang Ananda Shettys’ in an alleged Rs. 538 crore fraud case with Canara Bank.
CBI has registered a complaint of bank fraud from Canara Bank’s end including mismanagement of funds among other irregularities.
Jet Airways was aiming for ameliorating the circumstances after Jalan Kalrock Consortium won the bid for Jet Airways under the insolvency resolution process at National Company Law Tribunal (NCLT).
Once a pioneer of India’s private aviation industry, Jet Airways back in 2019, in the month of April, suspended its operations after a severe monetary shrink and debt. After that in 2021 the airline was taken over by Jalan Kalrock Consortium in June 2021.
In a statement the airline said it had been forced to stop their services because, “prolonged and sustained efforts with lenders and authorities did not yield the desired results.”
Aviation safety regulator DGCA renewed the airline’s air operator certificate in May, last year. Following that incident it was announced that the company will commence its services in September 2022. How ever till now the relaunch hasn’t taken place and the reason isn’t disclosed yet.
The CEO of Jet Airways has resigned from his post following the airline struggles to restart operations. Sanjiv Kapoor’s departure from the company led to few more influential resignations which includes manager PP Singh and Company Secretary Neeraj Manchanda earlier this week.
These unavoidable circumstances came forward after the airline’s ownership changes took place under the insolvency resolution plan which is now facing the difference of opinion between winning bidder and lenders.
Something similar like this happened with booming Indian airlines, Go First as its is also facing trouble now in order to continue it’s operations. On 2nd May, Tuesdayu Go First suspended all flights for three days staring from 3rd May. on 4th May, they extended the suspension by 10 days starting from 6th May. The airline has also filed for insolvency in the NCLT.