Aviation

Maharashtra signs Rs 35,000 crore deal with rooftop aircraft maker

Mumbai, February 19: According To the Tribunal The dream of a commercial pilot to set up an aircraft manufacturing company is set to take wing with the Maharashtra Government today signing a Rs 35,000-crore pact with him to build aircraft.

Maharashtra Chief Minister Devendra Fadnavis was present when the MoU, which envisages Rs 35,000 investment in the project, was signed at the “Magnetic Maharashtra” global investors summit in suburban Bandra.The MoU, between Amol Yadav and MIDC, will lead to generation of around 10,000 jobs in the project, which will be spread over 157 acre land in Palghar district.

Last year, Fadnavis had promised all help to Yadav, 42, who hails from Satara district, to start manufacturing facility for indigenous 6-seater and 19-seater aircraft.“I have to make planes.

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I have demonstrated the capabilities. Fadnavis wants the first plane making factory of the country to be in Maharashtra. The 157-acre plot was identified in Palghar. The MIDC will provide us land and support facilities like roads,” Yadav told PTI.“My responsibility is to build the plane and create the factory which will be producing more, and also to look after factories to be set up henceforth.

This will be an aerospace hub to make planes,” he said.Maharashtra will help in getting the required funds, Yadav said. “The government expects Rs 35,000-crore investment for not my company alone, but also for the ancillaries,” he said.“Rs 35,000 crore is the total amount of funds which will be required to achieve the broader targets.

The target is to create employment for 10,000 people. The investment figure is included in the MoU agreement but it will not be coming from me alone,” he said.“In the first phase, I am required to build a prototype 19-seater plane and three more similar planes for production.

We want to make 600 19-seater planes in the next 2-3 years and then take it to 1,300 planes after that. We are planning for 1300 19-seater planes at present,” he said.Yadav’s six-seater aircraft was the centre of attraction during the Make In India exhibition held in Mumbai in 2016. The aircraft, which was assembled on the terrace of a Charkop building, got the certificate of registration from the Directorate General of Civil Aviation (DGCA) last year. — PTI

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.