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Tue 9 Jul 2019 12:22 PM

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Jet Airways founder Naresh Goyal refused permission to travel overseas

Delhi High Court said if Goyal wants to travel to a foreign country he has deposit a $2.62bn guarantee

Jet Airways founder Naresh Goyal refused permission to travel overseas
Naresh Goyal, founder of the beleaguered Indian carrier Jet Airways.

Naresh Goyal, founder of the beleaguered Indian carrier Jet Airways, was denied permission to travel overseas by the Delhi High Court on Tuesday.

The court, however, said if Goyal wants to travel to a foreign country, he has deposit a $2.62 billion (Rs 18,000 crore) guarantee.

The court order came in response to Goyal approaching the court challenging the lookout circlular (LOC) issued by the federal corporate affairs ministry against him.

Goyal and his wife Anita were de-boarded from a flight to Dubai on 25 May after the LOC was issued.

The promoter of Jet Airways, however, challenged the action, saying that no enforcement case information report or first information report (ECIR/FIR) was registered against him.

Justice Suresh Kait of Delhi High Court, while hearing Goyal’s petition challenging the LOC, said no interim relief can be granted at this stage and added that he may deposit $2.62 billion guarantee if he wants to travel to a foreign country now

The circular against Goyal was issued by the corporate affairs ministry after it found several irregularities in Jet Airways.

The ministry has subsequently referred the matter to the Serious Fraud Investigating Office (SFIO) for further investigations. 

Jet Airways, which suspended its operations on April 17, was referred to the National Company Law Tribunal (NCLT) last month by the lenders to the carrier for a resolution under India’s Insolvency and Bankruptcy Code (IBC).

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