Mumbai: The Bombay High Court on Monday granted bail, on medical grounds, to Jet Airways founder Naresh Goyal in a money laundering case filed by the Enforcement Directorate.
The 75-year-old former Jet Airways chairman is suffering from cancer and has sought bail in the case to undergo treatment.
Goyal had earlier been granted “interim bail” on medical grounds which has now been made permanent.
The Enforcement Directorate (ED) arrested Goyal in September 2023 as he was accused in a case of siphoning out Rs 538.62 crore, which was given to Jet Airways as a loan by Canara Bank, and laundering the money for personal use.
The ED counsel had opposed the bail plea, arguing that Goyal could be admitted to a hospital of his choice to undergo treatment while still remaining in custody.
In May 2024, the Bombay High Court granted interim bail to Goyal for two months, which later extended another two months. Naresh Goyal’s wife, Anita Goyal, was also arrested in November 2023 when the ED submitted a charge sheet in the case. A special court granted her bail the same day, citing her age and health condition. She died on May 16, 2024.
The Supreme Court, last week, ordered the liquidation of cash-strapped Jet Airways, saying that the resolution plan, approved five years ago, is no longer capable of implementation.
A Bench, headed by then CJI D.Y. Chandrachud, allowed the lenders’ plea against the transfer of ownership of the grounded airline to Jalan Kalrock Consortium (JKC).
The Bench, also comprising Justices J.B. Pardiwala and Manoj, invoked its extraordinary powers under Article 142 of the Constitution “for doing complete justice” between the parties and ordered the appointment of a liquidator forthwith. Further, it ordered the forfeiture of Rs 200 crore infused by the JKC and directed lenders to invoke the Rs 150 crore Performance Bank Guarantee (PBG).
In the plea filed before the apex court, the Committee of Creditors (CoC), led by the State Bank of India, has said that the proposed revival plan was not in the best interest of lenders and questioned the National Company Law Appellate Tribunal (NCLAT) order upholding the resolution plan.
In January this year, the Supreme Court ordered JKC, the successful resolution professional bidder for the cash-strapped airline, to deposit Rs 150 crore in an escrow account jointly held by the State Bank of India and JKC. It had cautioned that legal consequences would follow if the JKC failed to furnish the bank guarantee.
