JKC completes infusion of Rs 350 cr in Jet Airways, says airline will start ops in 2024
The Jalan Kalrock consortium has deposited Rs 100 crore in Jet Airways, bringing their total investment in the grounded carrier to Rs 350 crore. The new promoters are determined to revive the airline and have set a target to resume operations by 2024. The consortium has fulfilled its financial commitment as per the court-approved resolution plan and is now awaiting regulatory processes to take control of the airline. Key Points
Economic TimesHigher educational institutes create ‘Agri-Consortium’
Indian higher educational institutes (HEIs) have joined together to form an 'Agri-Consortium', led by IIM Kashipur. The consortium aims to provide a platform for academics, researchers, students, and industry professionals to discuss trends and advancements in agriculture. The participating institutions have agreed to share startup databases, disseminate support programs, and share best practices. Key Points
Economic TimesJet Airways insolvency: Creditors question source of Rs 200 cr deposited by Jalan-Kalrock Consortium
The creditors of Jet Airways have raised concerns over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium, stating that it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI, expressed apprehensions about the source of funds and possible money laundering. The consortium claims that a part of the money came from another source while the majority was paid by Murari Lal Jalan. The National Company Law Appellate Tribunal has directed the matter to be listed for the next hearing on October 12. Key Points
Economic TimesJet Airways insolvency: NCLAT adjourns hearing to Nov 1 as creditors seek more time to file reply
Last week, Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told NCLAT that there are apprehensions about the source of funds, which deposited the money for Jalan-Kalrock Consortium's (JKC). The payment is not compliant with the resolution plan as it mandates that the money is to be paid through JKC, ASG had submitted. Key Points
Economic TimesNew application misconceived : SC rejects JKC's plea demanding extension of deadline to deposit Rs 150 cr
The Supreme Court has rejected the plea of Jalan-Kalrock consortium (JKC) to extend the deadline for depositing Rs 150 crore. The court has also declined to interfere with its previous orders from January 18, stating that JKC's new application is misconceived. On January 18, the Supreme Court had instructed JKC, the successful bidder for Jet Airways, to deposit Rs 150 crore in an escrow account with the State Bank of India by January 31. Key Points
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Jalan Kalrock consortium seeks more time to pay Rs 350 cr to Jet Airways’ lenders
The NCLAT has asked the Jalan Kalrock consortium to file an application stating the conditions for seeking an extension to make payments to Committee of Creditors of bankrupt airline Jet Airways. The application filed by the State Bank of India, the primary lender, and others pertains to the transfer of ownership of the airline to JKC. Key Points
Economic TimesHermann Tilke-led team may design GIFT City F1 track
A consortium of German Formula 1 racetrack designer Tilke, real estate consultancy CBRE, and architecture firm Arcop has been ranked highest on a list of six international consultants competing for designing a racetrack in Gujarat's GIFT City. The Tilke-led consortium scored 98% marks in an evaluation conducted by the Sports Authority of Gujarat. The project could cost up to ₹10,000 crore. Key Points
Economic TimesDelhi HC dismisses govt appeal accusing Reliance of 'fraud, unjust enrichment of over $1.729 billion' for
The Delhi High Court dismissed the Indian government's petition that accused Reliance Industries and its partners of insidious fraud and a unjust enrichment of $1.729bn by siphoning gas from deposits they did not have the right to exploit. The government had demanded $1.47bn from RIL in 2014 for draining and selling gas that migrated from neighbouring ONGC blocks that share borders with RIL's block. However, the RIL-led consortium including UK-based BP and Canada's Niko Resources was cleared by the International arbitration award on July 24, 2018. Key Points
Economic TimesJet Airways insolvency: Creditors say Jalan-Fritsch resolution plan unviable, unworkable
Jet Airways creditors on Monday told the Supreme Court that the resolution plan of the consortium of Jalan-Fritsch was unviable and unworkable. The airline services were stopped in April 2019 and later the consortium emerged as the winning bidder under the insolvency resolution process. However, ownership transfer has been hanging fire amid continuing differences between the lenders and the consortium. Key Points
Economic TimesNCLT approves Welspun takeover of Sintex BAPL
The company was admitted to the NCLT under the Insolvency and Bankruptcy Code (IBC) in December 2020. The insolvency resolution process of Sintex BAPL had evinced interest from two bidders - JM Financial Asset Reconstruction Co Ltd and a consortium consisting of Welspun entity Propel Plastic Products Pvt Ltd and Plastauto Pvt Ltd. Key Points
Economic Times
SC asks new owners of Jet Airways how much they paid towards PF, gratuity dues of employees
The Supreme Court has raised questions regarding the payment of dues owed to former employees of Jet Airways by the Jalan-Kalrock consortium, the new owners of the financially troubled airline. During the hearing of various petitions, including one filed by the Jet Aircraft Maintenance Engineers Welfare Association, the apex court sought information on the amount paid towards provident fund and gratuity. Key Points
Economic TimesJet Airways CEO Sanjiv Kapoor quits
After the National Company Law Tribunal (NCLT) ruled the case in favour of JKC, it was given 180 days to make payments of Rs 180 crore to the erstwhile creditors of the airline and Rs 250 crore to former employees. While May 14 is the last date to make the payments, the consortium has made no payments so far. Key Points
Economic TimesGovt calls off strategic sale of helicopter service provider Pawan Hans
In April last year, the government had decided to sell Pawan Hans for Rs 211.14 crore to Star9 Mobility, a consortium of Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Global Opportunity Fund SPC. Pawan Hans is a joint venture between the government and ONGC, which hold 51% and 49% stakes in the company. Key Points
Economic TimesJet Airways Q1 FY24 results: Net loss narrows to Rs 50.65 cr from Rs 390 cr
The full-service carrier's revenue from operations was Rs 39.08 crore for the quarter under review. Jet Airways had posted a total revenue of Rs 13.10 crore in the same quarter last year Key Points
Business TodayCBI arrests Tirupati Infraprojects CMD Jag Mohan Garg in Rs 289-cr bank fraud case
Jag Mohan Garg, Chairman & Managing Director of Tirupati Infraprojects Pvt. Ltd, has been arrested for allegedly defrauding a consortium of banks of Rs 289.15 crore. The fraud caused losses to Bank of India, Union Bank of India, Canara Bank, Bank of Baroda & UCO Bank. The Central Bureau of Investigation (CBI) conducted searches at Garg's premises earlier, where several incriminating documents were recovered. Garg has been remanded to police custody until July 17, 2023. Key Points
Economic Times
Vande Bharat sleeper trains plan hits a snag
A top executive of Russia's leading rolling stock manufacturer TMH Group told ET that the company has reached out to top Indian government officials as venture partner state-owned Rail Vikas Nigam Ltd is now pressing for a higher stake in the joint venture formed to supply the coaches. This, he said, is in violation of an irrevocable and binding agreement between the two entities. Key Points
Economic TimesManufacture of 120 Vande Bharat trains by TMH-RVNL consortium runs into troubled waters
The joint venture (JV) between Russian transportation giant Transmashholding (TNH) and Indian public sector undertaking (PSU) Rail Vikas Nigam Limited (RVNL) to manufacture Vande Bharat Express train sets, valued at nearly $3.63 billion (over ₹30,000 crore), has run into problems. Key Points
The HinduJet's lenders move SC against JKC's conduct, matter to be heard on Thursday
The State Bank of India-led consortium of lenders has filed an application with the Supreme Court, seeking the winding up of debt-laden Jet Airways and initiation of the liquidation process. The consortium alleges that the Jalan-Kalrock consortium, which recently infused Rs 350 crore into the bankrupt airline, has not taken appropriate steps to meet its obligations as per the approved Resolution Plan. Key Points
Economic TimesJet Airways resolution: SC asks Jalan Kalrock consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides. Key Points
Economic TimesA consortium led by Adani Power gets letter of intent to buy Coastal Energen
In a regulatory filing on Sunday, Adani Power Ltd said the LoI from the resolution professional was received Saturday after CEPL's committee of creditors approved the resolution plan submitted by the consortium. The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the NCLT and any other regulatory authority under applicable laws, Adani Power said. Key Points
Economic Times
SC allows forensic audit of Ruchi Soya Industries
The Supreme Court on Friday allowed completion of a forensic audit of Ruchi Soya Industries (now taken over by Baba Ramdev's Patanjali Ayurved) and asked its erstwhile management to cooperate in the process. The audit has been initiated at the instance of IDBI Bank, which is leading a consortium of lenders of Ruchi Soya. Key Points
Economic TimesJet, set and go? DGCA renews airport operator certificate of Jet Airways
Jalan Kalrock consortium has successfully obtained renewal for the Airport Operator Certificate (AOC) of Jet Airways from the Directorate General of Civil Aviation (DGCA). Jet had stopped operating in April 2019, burdened under piling losses, debt and dues. Key Points
Economic TimesStormzy and Wilfried Zaha now joint owners of AFC Croydon Athletic; details of the deal
Rapper Stormzy and footballer Wilfried Zaha and Stormzy set to become joint owners of AFC Croydon Athletic along with kit manager Danny Young. Heres what we know of the deal. Key Points
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