Goyal, ex-CEO of Jet Airways, arrested in Mumbai

Former Jet Airways Chairman Naresh Goyal and his wife were arrested at Mumbai International Airport by the immigration authorities. This happened on Saturday 26 May. That is what India Today reports.
Naresh Goyal and his wife Anita Goyal wanted to use Emirates flight EK 507 to travel via Dubai to London, but were not allowed to leave the country. The plane was already departed from the gate and it had reached the taxiway when it was recalled. After that, both were taken into custody by immigration officials, reports the Indian medium.

According to India Today, an investigation report has been issued against Naresh Goyal, his relatives and others, so that they cannot flee the country. SFIO (Serious Fraud Investigation Office) and ED (Enforcement Directorate) are investigating the Jet Airways cases. The ED investigates, according to certain sources, Etihad Airways’ investment in Jet Privilege Private Limited (JPPL).

That sources also said that the agency is investigating whether there were any violations when the Emirates took a stake in JPPL in 2014.

Jet Airways currently has a huge debt, while it also has other payment obligations, including current employee salaries. The second biggest airline of India carried out its last flight on 17 April after failing to obtain the necessary additional loans from various banks in order to continue their flight operations.

At the time that Jet Airways stopped operating flights, it had approximately 120 aircraft in its fleet. Unfortunately it was not possible to use all these aircraft. Many leasing companies had already obliged Jet Airways to ground their aircraft after it could no longer pay the bills.

It is remarkable that society has still not been declared bankrupt by a local judge. If we look at the current fleet of the airline, it only has 20 planes left at its disposal. The rest have returned to the leasing company or have been stored.

A last remarkable thing is that today a Dutch judge has declared Jet Airways bankrupt, “because the airline has an office at Schiphol, as a result, the Dutch court is also competent to pronounce a bankruptcy”, says the trustee.

We have to wait and see what further developments will be.

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Robin Van Acker
Robin Van Acker
Photojournalist - An avid aviation photographer, Robin contributes to the Commercial Aviation section of the publication, with a focus on liveries, new aircraft deliveries and route development