Jet Airways founder Naresh Goyal gets medical bail in money laundering case

Mumbai High Court granted Jet Airways founder Naresh Goyal medical bail on Monday, November 11, reported the news agency PTI. Goyal was accused of being involved in a money laundering case.

Earlier this year, a single Justice N J Jamadar bench granted Goyal an interim bail on medical grounds. On November 11, Justice Jamadar made the interim order permanent, reported the news agency. 

Naresh Goyal, at the age of 75, is suffering from cancer and had previously applied for bail to undergo treatment. The Enforcement Directorate (ED) of India had opposed his application, stating that he could be admitted to any hospital of his choice and could undergo treatment while staying in custody, as per the report.

In May 2024, the Mumbai High Court granted interim bail to Naresh Goyal for two months, which was extended by four weeks and then again for two months. 

ED arrested Goyal in September 2023 over allegations that the founder laundered money and siphoned off loans in the amount of ₹538.62 crore given to the Indian airline by Canara Bank, as per the report.

Naresh Goyal's wife, Anita Goyal, was also arrested in November 2023 when the ED submitted a chargesheet in the case. A special court granted her bail the same day, citing her age and medical conditions. Anita Goyal died on May 16, 2024, as per the report. 

Jet Airways Liquidation

Mint reported earlier that the Supreme Court of India ordered the liquidation of Jet Airways after finding that the Jalan Kalrock Consortium (JKC), the successful bidder for the airline, had failed to comply with the conditions of the resolution plan. This marked the final chapter in the Indian airlines' long struggle for revival.

Justice J.B. Pardiwala, while pronouncing the ruling, remarked that this case would serve as an eye-opener for the functioning of insolvency tribunals and India’s Insolvency and Bankruptcy Code.

The court concluded that liquidation was the only viable option for creditors to recover some of their dues, as per the report.