The Bombay High Court on Monday granted bail to Jet Airways founder Naresh Goyal on medical grounds in a money laundering case. Goyal sought bail citing medical and humanitarian reasons. Naresh is suffering from cancer and is undergoing treatment at Reliance Hospital.
Naresh was arrested on September 1, 2023. In May this year too, Naresh Goyal was granted interim medical bail for two months for cancer treatment. Naresh is lodged in Mumbai's Arthur Road Jail. Naresh Goyal's wife Anita Goyal passed away on May 16 this year in Mumbai. She was battling cancer for a long time.
Naresh Goyal's wife Anita Goyal passed away on May 16 this year in Mumbai. She was battling cancer for a long time.
Understand the matter related to Jet Airways Goyal founded Jet Airways in 1993. After 26 years the airline shut down in April 2019 due to financial reasons. Goyal stepped down as chairman in May 2019.
At that time, Jet Airways had an outstanding loan of Rs 538.62 crore from Canara Bank. Jet Airways had taken a credit limit and loan of 848.86 crores.
Three years later in 2021, Canara Bank alleged that a forensic audit of Jet Airways found that Jet had transferred Rs 1,410.41 crore to its associated companies. This was done to withdraw money from the company's account.
The Goyal family was accused of paying personal expenses like staff salaries, phone bills and vehicle expenses from the Jet Airways account itself.
Jet Airways shut down from April 2019 Jet Airways was once one of the largest private airlines in India and held the status of the largest private airline in South Asian countries. Jet Airways was then grounded (ceased operations) on April 17, 2019 due to debt burden.
Jalan-Kalrok won the Jet Airways bid In June 2021, the Jalan-Kalrok consortium won the bid for Jet Airways under the insolvency resolution process of the National Company Law Tribunal (NCLT). Since then the process of reviving the jet is underway, but the airline has not yet been launched.
The consortium is a joint venture between Murari Lal Jalan and Calrock Capital. Jalan is a businessman based in Dubai. At the same time, Calrock Capital Management Limited is a London-based global firm that operates in the field of financial advisory and alternative asset management.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
