Jet Airways stopped flying on 17 April 2019 after lenders refused about Rs 400 crore of emergency funding. Four straight losing quarters, a missed loan payment…
Naresh Goyal's airline first flew with four leased Boeing 737s and won scheduled status in 1995.
It became the first Indian airline to sell shares to the public and began flying abroad.
Jet bought Air Sahara for Rs 1,450 crore and renamed it JetLite, gaining scale but also losses.
Etihad paid about Rs 2,058 crore for 24%. The money bought time, not a cure.
A surprise quarterly loss on fuel costs and a weak rupee, then three more losing quarters.
Jet deferred its results, then reported a Rs 1,323 crore loss for April-June.
Jet missed an instalment to SBI-led banks. Its rating was cut to default.
Unpaid lessors grounded aircraft. Lenders took control for Rs 1 and the Goyals quit.
Lenders refused Rs 400 crore of emergency money. The last flight landed from Amritsar.
The NCLT admitted SBI's petition and began the hunt for a buyer.
The Jalan-Kalrock Consortium's plan was approved; Jet even regained its licence in 2022.
The court found the plan's payments were not made. Rs 200 crore was forfeited.
Two Boeing 777s fetched Rs 568 crore at auction. Creditors now supervise the sale.
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