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Jet Airways row: Delhi HC to hear Naresh Goyal’s plea seeking quashing of Look Out Circular today

Jet Airways row: Delhi HC to hear Naresh Goyal’s plea seeking quashing of Look Out Circular today

New Delhi: The Delhi High Court is scheduled to hear on Friday a petition filed by former Jet Airways chairman Naresh Goyal seeking quashing of the Look Out Circular (LOC) issued against him.

The circular was issued against Goyal by the Corporate Affairs Ministry after it found several irregularities in the airline company, which had halted operations in April, earlier this year, after running out of cash.
On May 25, Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad.

The duo was flying out of India from Mumbai on an Emirates flight when they were restricted from leaving the country by immigration authorities.

On March 25, Goyal, the then Jet Airways Chairman, had stepped down, paving way for lenders to bail out the financially troubled airline he set up 25 years ago.

Earlier on Thursday, the Ministry of Corporate Affairs had ordered a probe into the debt-laden Jet Airways over alleged mismanagement, including siphoning of funds.

Jet has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.

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