MUMBAI: The Bombay High Court has granted medical bail to Naresh Goyal, the founder of Jet Airways, who is facing charges in a money laundering case.
Goyal, who is suffering from cancer, had initially been granted interim bail in May by Justice N.J. Jamadar, which was extended multiple times before being made permanent on November 11.
The medical bail of Goyal comes amid an ongoing investigation by the Enforcement Directorate (ED), which had arrested him in September 2023 for allegedly laundering money and diverting loans worth Rs538.62 crore that were extended to Jet Airways by Canara Bank.
Anita Goyal
His wife, Anita Goyal, was also arrested in November 2023 when the ED filed its chargesheet, though she was granted bail due to health concerns and subsequently passed away in May 2024.
This development comes in the backdrop of the Supreme Court’s decision in the Jet Airways insolvency proceedings, which had earlier allowed the resolution process to proceed.
The Supreme Court of India recently ordered the liquidation of Jet Airways, overturning the National Company Law Appellate Tribunal’s (NCLAT) ruling. This decision, made on November 7, 2024, marks the end of years of legal battles concerning the airline’s revival
SC decision
As a result, the Court decided that liquidation was the only viable option for the airline, which had been in bankruptcy proceedings since 2019.
The Court found that the Jalan-Kalrock Consortium, the successful bidder for Jet Airways, failed to meet the key obligations of its resolution plan, including not injecting the promised funds and not clearing crucial dues like employee payments and airport fees.
Goyal’s legal troubles have been a part of the broader efforts to resolve the financial issues surrounding the airline.
