The suspension of operations at Jet Airways — at one time India’s largest private airline — announced Wednesday, follows the troubles at Kingfisher, Air Deccan, and Sahara. A short history of hope and distress in a highly competitive market over the last 30 years.
The decision will now be channelled to the United Kingdom Home Office (the British equivalent of Home Ministry) where Home Secretary Sajid Javid, will pass an order based on that verdict of the Magistrates' Court.
SBI Managing Director Arijit Basu said the Indian banks have already recovered a total of Rs 963 crore through sale of Mallya’s domestic assets, and the UK Court’s order would further empower them to recover loans not repaid by Kingfisher Airlines.
The SFIO has found that Kingfisher created three business segments — commercial airlines, ground handling and training — on paper after announcing its merger with DAL to avoid paying capital gains tax.