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Jet Airways will fly again, the company was closed due to these mistakes of Naresh Goyal

Jet Airways' CoC approves Kalrock Capital-Murari Jalan's resolution plan- India TV Paisa
Photo:PTI (FILE) Jet Airways’ CoC approves Kalrock Capital-Murari Jalan’s resolution plan

new Delhi. Jet Airways, the country’s largest private airline, is preparing to fly once again. Jet Airways, which was closed due to debt burden, has got new investors. In the proceedings of the National Company Law Tribunal (NCLT) under the Insolvency Code, the committee of banks / financial institutions lending to Jet Airways, on behalf of the alliance of Kalrock Capital and Murari Lal Jalan, approved the plan submitted to buy the airline. Has given However Kapil Kaul, head of CAPA India, which provides research and consulting services on the aircraft industry, says the way to restore operations is difficult and uncertain.

He said that the conditions that were approved by the Jet Airways borrowers were not understood by CAPA. The scheme is yet to be put up for NCLT approval. The jet’s fleet at one time consisted of 120 aircraft, leaving only 16 at the time of its closure. Jet Airways had a loss of Rs 5,535.75 crore in the financial year ended March 2019. Jet Airways ceased operations on 17 April 2019.

Naresh Goyal’s will is heavy

Naresh Goyal has friendships with many leaders, policymakers, chief executives, airline leasing and manufacturers. He listened to everyone to save Jet Airways but did his own thing. Naresh Goyal also consulted Deepak Parekh to save Jet Airways. At that time the Tata group wanted to buy the troubled jet. A private equity consortium led by TPG Capital was also in the running at the time. Then Deepak Parekh had advised Neresh Goyal to step back and give new investors a chance. Parekh was the chief advisor to the Abu Dhabi government. Etihad, the Abu Dhabi state-run airline company, was Jet’s partner. He refused to step down. Goyal was confident that he would save his company. But this could not happen. Till now, the Tata group, interested in the deal, also pulled back.

According to ET, Goyal has made many mistakes. It was a difficult decision for him to leave the company, which has made the situation worse. Even he had investors like the Tata group ready to invest but Goyal was not ready to give anyone else a chance. He had retained his post till January 2019. But Jet Airways had started a bad phase.

Stubborn talk

Many experts say that Jet’s troubles started when Goyal bought rival Sahara in 2007 for Rs 1450 crore. With this deal, Jet Financial, Legal and HR got caught in many problems. Goyal bought Sahara to compete with Air Deccan, Indigo and SpiceJet. But this strategy backfired completely. Also, Goyal spent the IPO money in ordering new planes.

After this, Goyal made a second mistake. He ordered 10 Airbus A330 and Boeing 777 planes. By buying two types of planes, Jet did nothing but increase its spending. Along with this, Goyal also kept the seat low. Where there are 400 seats in global practice, there were only 308 seats. That is, he finished a quarter of the revenue himself. When the lenders tried to auction the jet, Goyal bid from London. But his offer was rejected. On many such occasions Etihad and TPG threatened that if Naresh Goyal would not pull his hand, he would be out.

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मुख्य समाचार

Jet Airways drowned in support, shares rose 30% this month

new Delhi. Jet Airways is not much for the last few days but it is in the news. The process of restarting Jet Airways was in progress for the past few days. Now its revival plan has been approved. Even before the approval on Saturday, the shares of the company had seen a rise of about 5 percent on Friday. Surprisingly, Jet Airways shares have seen a rise of over 30 per cent in this month, ie in the month of October. Let us tell you that in the month of January, the company’s shares touched a record 52-week high with Rs. 50. Let us also tell you that this month the share of Jet Airways has come down from how many rupees to how many rupees.

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5 percent rise on Friday
Jet Airways stock was up 5 percent on Friday. According to experts, the company’s revival plan may have been approved on Saturday, but its effect was seen from Friday itself. The airline’s shares saw a big impact of that 5 percent. The company’s shares closed at Rs 40.15. While 38.25 were opened at Rs. The rise in the shares of the company is a big relief for the investors who have invested in the shares of this airline.

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More than 30% increase in October
If we talk about October, then this month the shares of the company have seen a rise of more than 30 percent. The airline’s shares closed at Rs 28.15 on October 1, while the figure reached Rs 40.15 on October 16. This means that the company’s shares have seen a boom during this period. The reason for this is the rapid work in the revival plan of Jet Airways.

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Revival plan approved
The planes of the bankrupt private airline Jet Airways will once again fly. Jet Airways said on Saturday that the resolution plan submitted by Murari Lal Jalan and Florian Fritch won the bid to acquire the airline. The announcement was made by the resolution professional of Jet Airways. Jet Airways RP Ashish Chavachharia said the creditors’ committee has concluded e-voting on the final proposal plans submitted by the two shortlisted bidders.

The airline has a loan of more than 10 thousand crores
Private sector Jet Airways has been closed since April last year. Jet Airways founder Naresh Goyal resigned as chairman in March 2019. Naresh Goyal was also arrested due to financial irregularities. The airline owes banks more than Rs 10,000 crore. When the airline was shut down in April 2019, the company’s stock was at Rs 265.95. The market cap of the company at that time was more than 3000 thousand crores.

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