The Bombay High Court on Monday granted bail to Jet Airways founder Naresh Goyal on medical grounds in the money laundering case. Goyal had sought bail citing medical and humanitarian reasons. Naresh is suffering from cancer and is undergoing treatment at Reliance Hospital. Naresh was arrested on 1 September 2023. In May this year, Naresh Goyal was granted interim medical bail for two months for cancer treatment. Naresh is lodged in Arthur Road Jail in Mumbai. Naresh Goyal’s wife Anita Goyal died in Mumbai on 16 May this year. She was battling cancer for a long time. Understand the case related to Jet Airways
Goyal founded Jet Airways in 1993. After 26 years, the airline shut down in April 2019 due to financial reasons. In May 2019, Goyal stepped down as chairman. At that time, Jet Airways had a loan outstanding of Rs 538.62 crore from Canara Bank. Jet Airways had taken a credit limit and loan of Rs 848.86 crore. Three years later, in 2021, Canara Bank alleged that a forensic audit of Jet Airways found that Jet transferred Rs 1,410.41 crore to its related companies. This was done to withdraw money from the company’s account. The Goyal family was accused of paying for personal expenses – such as staff salaries, phone bills and vehicle expenses – from the Jet Airways account. Jet Airways is closed since April 2019
Jet Airways was once one of the largest private airlines in India and the airline had the status of the largest private airline in South Asian countries. Then due to being burdened with debt, Jet Airways was grounded (ceased operations) on 17 April 2019. Jalan-Kalrock had won the bid for Jet Airways
In June 2021, the Jalan-Kalrock consortium won the bid for Jet Airways under the bankruptcy resolution process of the National Company Law Tribunal (NCLT). Since then, the process of revival of Jet is going on, but the airline has not been able to start till now. This consortium is a joint company of Murari Lal Jalan and Kalrock Capital. Jalan is a Dubai-based businessman. At the same time, Kalrock Capital Management Limited is a London-based global firm working in the field of financial advisory and alternative asset management.
