Aviation

Aeroflot to sign firm order with Rostec for 50 of the latest Russian-built MC-21 aircraft

Russia to invest $14.5B to boost home-grown jet production.

Moscow, 1 February 2018 – Aeroflot will become the largest customer for the latest Russian-
built medium-range aircraft, the MC-21. The landmark contract for 50 of the state-of- the-art
passenger aircraft will be signed today between Aeroflot and Rostec.
Under the firm order, Rostec leasing subsidiary Aviacapital-Service will supply Aeroflot with 50
MC-21- 300 aircraft on operating leases. Aeroflot will thus become the largest Russian leasor of
the latest Russian-built aircraft. The leasing payments and reserves for maintenance will total
more than USD 5 billion.
The aircraft will be configured for Aeroflot to carry 169 passengers, with 16 business-class and
153 economy-class seats. In the first phase of the contract the aircraft will be delivered with
engines produced outside Russia. From the 26th aircraft Aeroflot has the option to receive
aircraft with new Russian-built PD-14 engines, which are currently undergoing certification
testing.
the aircraft will be configured for Aeroflot to carry 169 passengers, with 16 business-class and
153 economy-class seats. Each aircraft will be leased for a term of 12 years,
with the option of two-year extensions on the lease no more than three times. Aeroflot plans to
operate the aircraft on both domestic and international routes.

Aviation

No More Jet Airways. Supreme Court Says “No Choice”, Orders Liquidation

Jet Airways was once one of India’s leading airlines, known for its service and extensive network. Founded in 1993, it served millions of passengers, connecting cities across India and international destinations.

However, since grounding its flights in April 2019, Jet Airways has struggled to navigate financial turbulence, leading to years of efforts to revive the airline and return it to the skies.

On Thursday, the Supreme Court ordered the liquidation of Jet Airways, citing “no choice” but to take this decisive step after the resolution plan failed to meet creditor obligations. The court invoked its extraordinary powers under Article 142, which allows it to make orders for “complete justice” in any case, overriding previous tribunal rulings.

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The Jalan-Kalrock Consortium (JKC), which had won the bid to revive Jet, faced criticism for not fulfilling payment commitments to creditors, which included major banks like the State Bank of India and Punjab National Bank.

The Supreme Court’s ruling pointed to “peculiar and alarming” issues surrounding the resolution plan’s implementation, leading to its conclusion that liquidation was the only feasible outcome.

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Chief Justice DY Chandrachud, alongside Justices JB Pardiwala and Manoj Misra, emphasized that while liquidation should be a last resort, it was necessary as the resolution plan was “no longer capable of implementation.”

In line with this decision, the court ordered that the ₹200 crore already infused by JKC be forfeited and directed the National Company Law Appellate Tribunal (NCLAT) in Mumbai to appoint a liquidator to oversee the process.

JKC, a partnership between Murari Jalan, a UAE-based Indian entrepreneur, and Florian Fritsch, a Jet shareholder through Kalrock Capital Partners Limited, had taken ownership of Jet Airways two years after it was grounded. The consortium’s inability to fulfill its financial obligations has now led to this final verdict, marking the end of an era for Jet Airways in India.