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Jet Airways shares crash 52 pc after lenders decide to initiate bankruptcy proceedings

Agencies
June 18, 2019

New Delhi, Jun 18: Jet Airways shares lost over half of its value on Tuesday following its lenders' decision to initiate bankruptcy proceedings against the grounded airline.

Jet Airways stocks hit an intra-day low of Rs 32.25 per share, falling by a massive 52 per cent. At 1.41 p.m, Jet's stocks were trading at Rs 38.05 per share, down Rs 30.25 or 44.29 per cent.

SBI-led lenders consortium on Monday said that they have decided to seek resolution under Insolvency Bankruptcy Code.

"A meeting of lenders was held today to consider the way forward in respect of Jet Airways. After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received and requirement of the Investor for SEBI exemptions and resolution of all creditors is possible under IBC. Lenders led by State Bank of India have been taking efforts to find a resolution for Jet Airways outside IBC but in view of the above, Lenders have decided to seek a resolution within the IBC process,” they said in a statement.

Besides owing Rs 8,500 crore to public sector banks, the airline has a total liability of about Rs 25,000 crore which includes dues of operational creditors.

Earlier this month, two of the airline’s suppliers — Shaman Wheels and Gaggar Enterprises — moved the National Company Law Tribunal (NCLT) and sought that insolvency proceedings be initiated against the company. NCLT was to hear the matter on June 13. However, no one from Jet Airways showed up after which the matter was adjourned to June 20.

Jet Airways owes Shaman Wheels Rs 6.17 crore, while it owes Gaggar Enterprises Rs 53 lakh. A court-approved notice will be sent to Jet for this hearing and if it fails to show up again, the court may proceed with the matter.

Additionally, multiple reports indicate that the National Aviator's Guild, the body of Jet pilots, is also planning to move the NCLT to initiate insolvency proceedings to recover unpaid salaries.

Running out of cash, Jet Airways suspended its entire operations on April 17. Subsequently, the government re-allocated its slots and foreign traffic rights to rival carriers.

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News Network
June 8,2020

New Delhi, Jun 8: Delhi Chief Minister Arvind Kejriwal has gone into self-quarantine after developing sore throat and fever, and will get himself tested for COVID-19 on Tuesday, officials said on Monday.

They said the chief minister, who is also a diabetic, was feeling unwell since Sunday afternoon.

"He has mild fever and sore throat since Sunday afternoon. As advised by doctors, the chief minister will undergo COVID-19 test on Tuesday morning," officials said.

Officials said the CM had attended a Cabinet meeting on Sunday morning and thereafter, he did not attend any meeting.

The chief minister has been holding most of his meetings via video conferencing from his official residence for past two days.

This come as the number of coronavirus cases in the national capital crossed the 28,000-mark with 1,282 fresh infections while the death toll climbed to 812 on Sunday, a health bulletin issued by the Delhi government said. According to the health bulletin, the total number of COVID-19 cases in Delhi rose to 28,936 with 1,282 fresh cases.

A total of 51 fatalities were reported on June 6, the bulletin said, adding that these lives were lost between May 8 and June 5. It, however, said the cumulative death figure refers to fatalities where the primary cause of death was found to be COVID-19, according to a report of the Death Audit Committee on the basis of the case-sheets received from various hospitals.

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News Network
July 27,2020

Chengdu, China, Jul 27: The American flag was lowered at the United States consulate in Chengdu on Monday, days after Beijing ordered it to close in retaliation for the shuttering of the Chinese consulate in Houston.

Footage on state broadcaster CCTV from outside the consulate showed the flag being slowly lowered early Monday morning, after diplomatic tensions soared between the two powers with both alleging the other had endangered national security.

Relations deteriorated in recent weeks in a Cold War-style standoff, with the Chengdu mission Friday ordered to shut in retaliation for the forced closure of Beijing's consulate in Houston, Texas.

The deadline for the Americans to exit Chengdu has been unclear, but the Chinese consulate in Houston was given 72 hours to close after the original order was made.

On Saturday news agency reporters saw workers removing the US insignia from the front of the consulate.

Over the weekend, removals trucks entered the US consulate and cleaners were seen carting large black rubbish bags from the building.

Beijing says closing the Chengdu consulate was a "legitimate and necessary response to the unreasonable measures by the United States", and has alleged that staff at the diplomatic mission endangered China's security and interests.

Washington officials, meanwhile, said there had been unacceptable efforts by the Chinese consulate in Houston to steal US corporate secrets.

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coastaldigest.com news network
August 7,2020

 

Kozhikode: An Air India Express flight from Dubai with 190 people on board overshot the Kozhikode tabletop runway on landing there today. The Boeing 737 “fell off” the runway into the valley, broke into two causing death and devastation. 

According to reports, around 20 people were dead including two pilots.

An Air India spokesperson said: “Air India Express flight IX 1344 operated by Boeing 737 aircraft from Dubai to Calicut overshot the runway at Kozhikode at 7.41 pm Friday. No fire reported at the time of landing. There are 174 passengers, 10 infants, two pilots and five cabin crew on board. Rescue operations are on and passengers are being taken to hospital for medical care. We will soon share the update in this regard.”

The Directorate General of Civil Aviation (DGCA) is probing this accident. “Prima facie, the aircraft landed beyond the touchdown point and fell into a valley. It has broken into two. We suspect some casualties. More information is awaited,” said a senior DGCA official.

Taking to twitter, defence minister Rajnath Singh wrote: “Devastating news from Kozhikode, Kerala. I am deeply anguished by the loss of lives due to an accident carrying several passengers on Air India flight. In this hour of grief, my thoughts are with the bereaved families. I pray for the speedy recovery of the injured.”

Foreign minister S Jaishankar tweeted: “Deeply distressed to hear about the Air India Express tragedy at Kozhikode. Prayers are with the bereaved families and those injured. We are ascertaining further details.”

While, senior BJP leader from Kerala K J Alphons tweeted: “Second tragedy of the day in Kerala: Air India Express skids off the run way at Kozhikode, front portion splits , pilot dies and lots of passengers injured . All passengers evacuated. Very lucky the aircraft didn’t catch fire.”

More details are awaited.

Watch video | Air India flight from Dubai skids off runway in Kerala, splits into two pic.twitter.com/qgGxEEG2e3

— coastaldigest.com (@coastaldigest) August 7, 2020

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