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Mumbai2 hours ago
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Jet’s losses increased to Rs 5,535.75 crore in the financial year ended March 2019. Jet will have to make a large number of new appointments to resume flight service
- Jalan Culrock Consortium Wins Bankrupt Jet Airways Bid
- Jet had 120 flights. When the company closed, it had only 16 flights.
Jet Airways flights are ready to fly once again. The company has found a new buyer. The Jalan Culrock Consortium has won the bid of the bankrupt Jet Airways by the creditors’ committee. The consortium will initially introduce Jet Airways with 25 flights.
The plan will go to the Ministry of Civil Aviation
After approval from NCLT, the resolution plan will be sent to the Ministry of Civil Aviation. It will then be referred to the Civil Aviation Directorate (DGCA). It is expected that Jet Airways can resume from this summer. However, before that the consortium will have to get approval of the resolution plan from the National Company Law Tribunal (NCLT). It is believed that this approval can be obtained in the next 3-4 months.
Expected to start in 4-6 months
Jalan Consortium said that after the decision of NCLT, we will be able to start airline within 4-6 months. The company believes that the aviation sector is good. Jet Airways has been closed since April 2019 due to heavy losses and debt. The company’s promoter Naresh Goyal needed Rs 500 crore, but he could not raise it. The consortium of banks lending to Jet Airways removed Naresh Goyal from the company’s board. Later, salary and other expenses of employees also became difficult. After this it was completely closed. After the closure of Jet Airways, about 17 thousand of its employees took to the streets.
Jet had 120 flights
Jet had a total of 120 flights. However, when the company closed, it had only 16 flights. Its deficit increased to Rs 5,535.75 crore in the financial year ended March 2019. Jet will have to make a large number of new appointments to resume flight service. Though the company may have closed down, but for the past 6 months, its shares have consistently held upper circuit and lower circuit.
Continuous Upper and Lower Circuits in Shares
For a few days, the stock continues to rise and the upper circuit continues. Then falls continuously for a few days and a lower circuit is started. It has a lower and upper circuit limit of 4.99%. That is, in a single day, shares in the lower circuit or in the upper circuit can neither fall by more than this or can increase by more than this. The stock had gone up to Rs 13 in January last year. On January 11 this year it went up to Rs 165 and on Friday it has closed at Rs 109.