Jet Going the Path of Kingfisher??

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Old May 16, 19, 12:42 am
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Has anyone received a refund from Jet Airways yet? They cancelled my flight home, I submitted a request for refund, still waiting and it’s been almost a month.
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Old May 16, 19, 12:55 am
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No. Supposedly refund claims will be processed after May 20 and it may take 45 days after that to receive the funds. There is a lawsuit in Delhi on the subject of refunds that is not making headway. Not holding my breath that an airline that has not paid staff for 3 months is going to promptly refund passenger's moneys. As the Indian government slumbers we have disputed the charge with the credit card issuer.
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Old May 16, 19, 1:03 am
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Strange that the company is not under administration. Doesn't indian bk law provide for such situations?
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Old May 16, 19, 2:03 am
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Originally Posted by oliver2002 View Post
Strange that the company is not under administration. Doesn't indian bk law provide for such situations?
Indian bankruptcy law and its practice, for most of the Indian republic's history, has been as clear and pure as the water of the Yamuna in Delhi; and it still is even after revisions a few years ago.

A receiving bankruptcy custodian is possible in India, but most bankruptcies in India have involved no such thing and still don't.

A court can set up a receivership custodian, but it's not very common. Surely, you should have heard some stories about how slow the Indian court system is? Handling bankruptcies is not so fast and easy for them.

If you know land disputes in India can drag on for decades in Indian courts, you can take it that bankruptcies can also drag on for many years to reach their conclusion for the involved parties.

Keyser can probably tell us more as an Indian corporate lawyer who posts here directly.

Last edited by GUWonder; May 16, 19 at 2:34 am
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Old May 16, 19, 3:25 am
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Hmm.. district and sessions courts are rather slow, but in such large cases the High Court would come into the picture and they are pretty swift. I suppose if the large banks like SBI don't raise the topic the courts won't lift a finger.
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Old May 16, 19, 4:03 am
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Originally Posted by oliver2002 View Post
Hmm.. district and sessions courts are rather slow, but in such large cases the High Court would come into the picture and they are pretty swift. I suppose if the large banks like SBI don't raise the topic the courts won't lift a finger.
Most of the various Indian high court judges whom I knew are dead, but my impression is that they too were seeing cases that could drag on at times unless there was a real push from within or without to get the case moved up and to a final ruling; and I recall that some cases at that level too could linger on for years too.

My bet is that commercial and property disputes -- with or without bankruptcy in the picture -- can go pretty slowly most of the time, and the larger the interests, the slower it can often be made to go.

Has any party hit by the 9W insolvency even put up for and gotten an injunction against any and all asset conversions/transfers related to 9W?
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Old May 16, 19, 6:11 am
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Originally Posted by GUWonder View Post
Keyser can probably tell us more as an Indian corporate lawyer who posts here directly.
i don't personally deal with banking & bankruptcy but as per my limited knowledge on the subject, this situation will end up at the mumbai bench of the nclt....as of now sbicap is acting as the transactional advisor & the company has still not gone into insolvency, but eventually will....

once that happens, as per the insolvency & bankruptcy code, this should be resolved within 280 days....but its not uncommon to come across situations where it takes longer than what the code indicates....

we are all new to ibc & nclt so as far as many are concerned, this is still a learning process & we have a long way to go before it is perfected....
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Old May 16, 19, 3:12 pm
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Will 9W go to NCLT so quickly? Took SBI & co years to take RCom there.

I guess most of the lenders are happy getting planes back or in the case of HDFC... selling off 9W's BKC offices.
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Old May 17, 19, 12:30 am
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The leasing companies learnt their lesson with KFA and managed nicely this time. The others (fuel, staff, airports, banks) are stuck with the tab.
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Old May 17, 19, 3:09 am
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Originally Posted by oliver2002 View Post
The leasing companies learnt their lesson with KFA and managed nicely this time. The others (fuel, staff, airports, banks) are stuck with the tab.
The major aircraft leasing companies and the lawyers used by the smaller aircraft lessors have had experience of getting back their plane assets even before Kingfisher Airlines went under.
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Old May 17, 19, 9:41 am
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Originally Posted by oliver2002 View Post
The leasing companies learnt their lesson with KFA and managed nicely this time. The others (fuel, staff, airports, banks) are stuck with the tab.
Add those who paid but did not fly ...Any idea the number of pax and monies that may never see daylight ?
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Old May 17, 19, 1:13 pm
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Originally Posted by HMPS View Post
Add those who paid but did not fly ...Any idea the number of pax and monies that may never see daylight ?
And people who lost their miles...
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Old May 17, 19, 2:52 pm
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Originally Posted by HMPS View Post
Add those who paid but did not fly ...Any idea the number of pax and monies that may never see daylight ?
IATA should have an idea already about the number of ticketed passengers and money involved.

If India had rules in place to make sure sellers of travel services are paying up for the risk of the seller or a counterparty going out of business, fewer individual and corporate customers would be left ripped off by an insolvency of a contracted party. But I would bet on the government of “Incredible India” incredibly messing up this kind of thing.
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Old Yesterday, 2:41 am
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Originally Posted by PiperAtGatesofDawn View Post
And people who lost their miles...
miles can still be used though....albeit at terrible redemption rates....
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