Jet Airways Aircraft Seized at Amsterdam Schiphol Airport

Jet Airways Aircraft Seized at Amsterdam Schiphol Airport

Lenders of the debt-ridden Jet Airways on Wednesday extended the submission deadline of "expression of interest" for stake sale in the airline to recover their dues.

To be certain that genuine parties are bidding, SBI Caps, the merchant banker undertaking the task, said all members of the consortium have to provide their details, which then have to be certified by their managing director or chief executive director. Shares of Jet Airways declined 1.59 per cent to close at Rs 263.40 on the BSE. Civil Aviation Secretary Pradeep Singh Kharola said last week that only 26 aircraft are operational while Jet Airways last month said it is now flying 35 planes.

Once India's leading private carrier, Jet has been forced to ground more than three quarters of its fleet, mainly by lessors owed several months' payments, sources have said.

Lessors to Jet Airways applied to the Directorate-General of Civil Aviation (DGCA) to de-register more aircraft leased to the beleaguered airline.

Shortly after news of the seizure broke, Indian Oil Corp is reported to have halted fuel supplies to the airline for the second time.

Once a plane is de-registered, the lessor can take it out of the country and lease it to other airlines.

The airline said the there was a delay because of "operational reasons".

Aircraft fuel suppliers are also tightening the noose.

The resolution plan to rescue the airline could not be signed after the Supreme Court struck down the February 12 circular of Reserve Bank of India (RBI).

Due to cash crunch, the airline has been paying only part salaries to its over 16,000 employees which forced a section of its pilots on Tuesday sending a legal notice to the management which is now being headed by the lenders led by State Bank of India. The airline will further update guests with revised timings.

Earlier, SBI chairman Rajnish Kumar had said that lenders did not want to initiate insolvency proceedings against Jet Airways. On March 25, Goyal had stepped down from the board of the airline and ceded majority control to the SBI-led consortium. Lenders are now saying that all options are open. Etihad's stake will fall from 24% to 12% while banks will hold 50% of Jet Airways.

Related News:



Most liked

Disney Reveals Pricing & Availability for Disney+ Streaming Service
During the company's Investor Day conference, executives announced Disney Plus will launch on November 12 at $6.99 a month. The entertainment giant is trying to transform itself from a cable television powerhouse into a leader of streaming media.

Cash-strapped Jet Airways cancels all global flights
According to reports, Jet Airways also cancelled long-haul West-bound worldwide departures from Thursday night to Friday morning. Former Jet Airways chairman Naresh Goyal is also expected to submit initial bids for a stake in the airline, sources said.

Moving Tributes Paid to Nipsey Hussle
I'm so grateful that I had you". "I want to encourage you to limit your use of alcohol beverages and narcotic substances". She seemed to find some comfort in that statement but was clearly broken-hearted beyond the description of words.

Ex-Obama aide Greg Craig charged in Mueller-related investigation
Craig allegedly expressed concern multiple times - including to Manafort - that information about his work would become public. It admitted it was paid $4.6 million for the report, and not the $12,000 the Ukrainian government said at the time.

SpaceX’s Falcon Heavy Carries Out 1st Commercial Mission
But the middle booster missed a seaborne platform it was created to land on, and instead splashed into the ocean. But the preferred method remains NASA's own Space Launch System mega rocket - if it can be ready by then.

Bernie Sanders to release tax returns by Monday
Vermont Senator and presidential hopeful Bernie Sanders has promised to release his tax returns by Monday April 15. He said they will be released "certainly before" April 15 and added that President Donald Trump should do the same.

Vlade Divac seriously thinking about firing head coach Dave Joerger
Sacramento finished the regular season ninth in the Western Conference, nine games back from the eighth-ranked Clippers. It was the 13th straight season in which the Kings have missed the playoffs.

China wants to ban bitcoin mining
Chinese mining farms have had too much control over the process, which has led to centralization issues. The Chinese public on the other hand has until May 7 to comment on the draft before it's finalized.

Coach Mick Cronin Leaving UC for UCLA
Graduate of University of Delaware. "I am incredibly humbled and honored to become the head coach at UCLA", Cronin said. Except for brief stints at Louisville and Murray State , Cronin has spent his career in his hometown of Cincinnati .

Israel set to land spacecraft on the moon in first
It cost just $100 million to plan and develop, whereas other space missions in the past have run in the billions of dollars. Joining in the festivities, the Israeli Airports Authority listed the expected moon landing on its arrivals timetable.

'We want people to love it': 'Game of Thrones' creators on finale
Kit recently appeared on an episode of Saturday Night Live where he had replaced his beard with a freshly shaven look. Why? Well, series creators David Benioff and D.B.

Magic Johnson Shuts Down Reports Of Inappropriate Workplace Conduct
The Lakers are clearly in a major state of dysfunction at the moment and have a ton of decisions to make moving forward. James, who met with Johnson on Saturday, also likely did not know what was coming.

LILLEY: Trudeau accuses Scheer of lying
Philpott followed suit a few weeks after that, saying she'd lost confidence in the government's handling of the SNC-Lavalin case. Scheer is standing by his statements, and has dared Trudeau to follow through with the suit.

Snapchat releases the 'revamped' app for its Android users
But Exodus is very much present on both platforms posing as a genuine app and can defeat user's vigil against insidious spyware . Researchers have revealed that a spyware app previously found to target Android devices has also been pursuing iPhone users.

Nick Bosa Deleted Donald Trump, Colin Kaepernick Tweets Prior to NFL Draft
Bosa essentially said he stopped tweeting pro-Trump messages because he might wind up playing in a liberal city. Bosa didn't shy away from controversial opinions on Twitter during his time with the Buckeyes.