Saturday, June 08, 2019

It's now Jet versus Jet as endgame nears

Even as the lenders and the employees hope against hope and expect a white knight to rescue the grounded Jet Airways, the airline's promoter Naresh Goyal, now deboarded from the pilot seat, knew weeks back that it was time to abandon the sinking ship.
Goyal's travel firm Jet Air in mid-May wrote to Jet Airways to vacate its premises in Gurugram while the lenders led by the State Bank of India (SBI) were struggling to find investors for the airline.
Jet Air Pvt Ltd, a company controlled by Goyal, wanted the now defunct carrier to vacate its office premises at Yusuf Sarai in Delhi and another one in Gurugram citing expiry of pact and non-payment of license fee.
Not long ago, Goyal was the Chairman of Jet Airways and used to call all the shots. He is still the largest shareholder of the company, at least on paper.
"Please note in respect of YS (Yusuf Sarai) floors neither we have received any renewal arrangement from 9W (Jet Airways) post March 2019 nor got any maintenance expense on account of electricity which is a going expense month on month without which we cannot continue and hence the vacation," a Jet Air executive wrote to the Jet Airways staff.
"With regard to GGN (Gurgaon) premise, we are not getting license fee without which we are constrained to ask for vacation of the above said premise," the Jet Air executive Vimal K. Tripathi wrote.
08/06/19 IANS/Economic Times

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