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The Mumbai High Court granted medical bail to Naresh Goyal, founder of Jet Airways, on November 11, 2024. Goyal was accused of money laundering in connection with a ₹538.62 crore loan from Canara Bank to Jet Airways. The Enforcement Directorate (ED) had arrested Goyal in September 2023 on charges that he siphoned off funds from the airline. Goyal, at the age of 75, is suffering from cancer and had previously applied for bail to receive treatment.
The court's decision comes after Goyal was granted interim bail on medical grounds earlier this year. The ED had opposed the bail application, arguing that Goyal could receive treatment while in custody. However, the court ruled in favor of Goyal's request, making the interim order permanent. This decision highlights the court's consideration of Goyal's health condition in light of the charges against him.
The case against Naresh Goyal and his wife, Anita Goyal, is part of a larger investigation into financial irregularities at Jet Airways. Anita Goyal, who was also arrested in November 2023, was granted bail citing her age and medical conditions. Sadly, she passed away on May 16, 2024. The investigation into Jet Airways' financial dealings ultimately led to the airline's liquidation in 2024. The Supreme Court ordered the liquidation after the Jalan Kalrock Consortium (JKC), the successful bidder for the airline, failed to meet the terms of the resolution plan.
The Jet Airways saga represents a significant chapter in the history of India's aviation industry. The airline's downfall, attributed to factors like mismanagement, high debt, and competition from low-cost airlines, highlights the challenges faced by the sector. The legal proceedings against Naresh Goyal and the subsequent liquidation of the airline serve as a reminder of the importance of transparency and accountability in corporate governance.
Source: Jet Airways founder Naresh Goyal gets medical bail in money laundering case