High Court (India)

July 05, 2019

MCA To Oppose Former Jet Airways Chairman Naresh Goyal’s Plea In Delhi HC To Quash Look Out Notice Issued Against Him

[ By Bobby Anthony ]


The Ministry of Corporate Affairs (MCA) is set to oppose former Jet Airways chairman Naresh Goyal’s plea to quash a Look Out Circular (LOC) issued against him when it comes up for hearing before Justice Vibhu Bakhru in the Delhi High Court shortly.

Earlier, the Ministry of Corporate Affairs had ordered a Serious Fraud Investigation Office (SFIO) probe into the debt-laden Jet Airways over alleged mismanagement, including siphoning of funds.

The Ministry of Corporate Affairs had issued a Look Out Circular against Goyal after it found several irregularities in the company which halted operations in April after it ran out of cash.

Presently, Jet Airways is currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).

In this connection, it may be recalled that on 25 May, Naresh Goyal and his wife Anita Goyal were prevented from leaving the country by immigration authorities at the last minute as they were about to fly out of India from Mumbai on an Emirates flight.

On 25 March, Naresh Goyal and his wife Anita Goyal had resigned from the board of Jet Airways after a debt restructuring plan. He had also resigned as the airline's chairman, paving way for lenders to bail out the financially troubled airline he set up 25 years ago.

Jet has more than a billion dollars in debt and is yet to repay loans to banks, lessors of its planes and suppliers, besides clearing pending salaries to its pilots as well as other staff.

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