SBI's labelling of the account of Naresh Goyal as a "fraud account" challenged in court

Naresh Goyal and his wife Anita Goyal, the original promoters of Jet Airways, have moved court, challenging a decision by the country's largest lender State Bank of India to club them with the airline they founded in the list of 'fraud accounts'.

While the Goyals were neither guarantors nor direct borrowers, including them in the 'fraud' list could trigger criminal proceedings and put them under the lens of government investigative agencies.

The Goyals have filed separate writ petitions before the Bombay High Court because they were neither served show-cause notice nor heard by the bank. The law firm Naik Naik & Co is representing the Goyals.

Naresh Goyal along with his wife moves court to contest the 'fraud account' tag by SBI

The matter is expected to come up for hearing this week. SBI has the largest exposure to Jet Airways which now has a new set of investors whose resolution plan for the debt-laden airline was approved by the bankruptcy court in 2021.

The legal tussle with SBI is brewing at a point when some banks, under a separate proceeding, are preparing to take a final call on classifying the Goyals as 'wilful defaulters'.

According to the Reserve Bank of India's master directions on classification and reporting of frauds, "…the penal provisions as applicable to wilful defaulters would apply to the fraudulent borrower including the promoter director(s) and other whole-time directors of the company insofar as raising of funds from the banking system or from the capital markets by companies with which they are associated is concerned, etc."

The Goyals have filed separate writ petitions before the Bombay High Court because they were neither served show-cause notice nor heard by the bank.

Typically, a borrowal account is categorised as a 'fraud account' after it is red-flagged based on practices like fund diversion (even if there is no siphoning of money from the company).

Interestingly, the legal action by the Goyals came almost a year after SBI had informed them (in July 2021) that following the classification of Jet as a 'fraud account', the bank's appropriate committee has also identified Goyals' accounts as a fraud based on the scrutiny it had undertaken.

What probably drove the Jet founders to file writs was media reports in March 2022 that the Central Bureau of Investigation (CBI) is likely to file a first information report against the Jet promoter.

SBI has the largest exposure to Jet Airways which now has a new set of investors whose resolution plan for the debt-laden airline was approved by the bankruptcy court in 2021.

A bank is supposed to report the fraud to RBI within 21 days of its detection as well as report it to the CBI or the economic offences wing of the police depending on the amount involved.

Banks are yet to share the forensic report - based on which they probably plan to tag the account and the promoter as a fraud account and wilful defaulter - with the Goyals.

Besides examining the regulatory scope for classifying the earlier promoter under the fraud account list (along with the company), the high court may look into whether the principles of natural justice (in general) or the opportunity to show cause (in particular) must be read into the relevant provision of the RBI circular.

Banks are yet to share the forensic report - based on which they probably plan to tag the account and the promoter as a fraud account and wilful defaulter - with the Goyals.

The Telangana High Court, in a separate matter, had observed that the petitioner deserves to be granted an opportunity to show cause after being acquainted with the material (such as a forensic report) used against it. The case is pending before the Supreme Court.

Meanwhile, in a recent meeting the industry body Indian Banks’ Association decided to make a representation to the regulator to relook at the sweeping definition of ‘fraud’ as labelling a borrower as a ‘fraud account’ can severely hurt the functioning and fortunes of the company.

Unlike in the case of naming a wilful defaulter, a bank does not have to follow the process while including a borrower in the ‘fraud account’ list.

(With Inputs from The Economic Times)

Representative | 19FortyFive

The categorization of fighter jets into various generations has long been a topic of debate. Following is the most agreed upon classification:

Generation 1 : Jet propulsion (F-80, German Me 262)Generation 2 : Swept wings; range-only radar; infrared missiles (F-86, MiG-15)Generation 3 : Supersonic speed; pulse radar; able to shoot at targets beyond visual range (“Century Series” fighters such as F-105; F-4; MiG-17; MiG-21).Generation 4 : Pulse-doppler radar; high manoeuvrability; look-down, shoot-down missiles (F-15, F-16, Mirage 2000, MiG-29).Generation 4+ : High agility; sensor fusion; reduced signatures (Eurofighter Typhoon, Su-30, advanced versions of F-16 and F/A-18, Rafale).Generation 4++ : Active electronically scanned arrays; continued reduced signatures or some “active” (waveform cancelling) stealth; some supercruise (Su-35, F-15SE)Generation 5 : All-aspect stealth with internal weapons, extreme agility, full-sensor fusion, integrated avionics, some or full supercruise (F-22, F-35)Generation 6 : Conceptual at this point although touted to be more advanced than generation 5 that are currently in service and development. (SOURCE: airforcemag)

If sources are to be believed, the US has already moved a step forward in what we might see as the world’s first sixth-gen fighter jet. The fifth-gen fighter jet program is the current best, with 2 from the US and 1 from China and Russia respectively.

Representative | Source

Reportedly, the Air Force’s sixth-generation fighter has officially entered development- news confirmed by the Air Force’s top official on June 1.

We have now started an engineering, manufacturing and development program to do the development aircraft that we’ll take into production. We think we’ll have the capability by the end of the decadeAir Force Secretary Frank Kendall said during an event at the Heritage Foundation

The United States Air Force (USAF) commissioned the Next Generation Air Dominance program (NGAD) initiative to develop the world’s first sixth-generation stealth fighter and is scheduled to replace the ageing F-22s. The F-22 Raptor was the world's first fifth-generation fighter craft to be put into service.

Although planned upgrades will keep the F-22s flying for more than a decade, the NGAD will likely unveil a host of capabilities, never before seen in a fighter aircraft.

F-22 Raptor | Representative | The Chainsaw

Apparently, the NGAD has progressed beyond the prototype stage and has entered the development stage.

The U.S. Air Force basically had an X-plane program, which was designed to reduce the risk in some of the key technologies that we would need for a production program. Previously the Air Force has done a quick demo, and then we have to start an EMD or development program and wait several more years because we didn’t start the development functionKendall explained

What could be the possible features of the next-generation fighter craft?

Building on the features of its predecessor, Gen 6 could be far stealthier, it may be capable of "wing-morphing"- which in other words refers to the capability of wings to alter shape mid-air, in-flight retunable engines for a far more efficient supersonic or subsonic cruise, well, the options are galore.

Representative | National Defense Magazine

The Adaptive Engine Transition Program (AETP), unaffordable for the F-35s as some belief, could also be a part of the Generation 6 aircraft.

Directed energy weapons (DEW), or high-powered microwaves and lasers could be used to counter incoming missiles or as offensive weapons themselves.

Directed Energy Weapons (DEW) | Representative | Observer Research Foundation

Directed energy weapons could play a big role in deciding how agile a sixth generation fighter would have to be. “Speed of light” weapons  could “negate” the importance of “the maneuverability we see in today’s fashionable fighters.” There won’t be time to maneuver away from a directed energy attackPaul K. Meyer, vice president and general manager of Northrop Grumman’s Advanced Programs and Technology Division

Darryl W. Davis, president of Boeing’s advanced systems division, mentioned that vast amounts of data would be available to the pilot, who may or may not be on board the aircraft, and this is where Fiber optics could play a significant role.

You could have fewer wires. You’re on a multiplexed, fiber-optic bus … that connects all the systems, and because you can do things at different wavelengths of light, you can move lots of data around airplanes much faster, with much less weight in terms of … wire bundlesDavis

Although sceptical about the availability and timely implementation, hypersonics has always been attributed as a feature of Gen 6 fighter crafts.

It entails a whole new range of materials development, due to … sensors, fuzes, apertures, etc. all of which must operate in that intense heat environment at … Mach 5-plusMeyer

The NGAD is also being touted as a 'family of systems' that could see a lot of unmanned aircraft equipped with a wide variety of sensors and payloads being deployed alongside the manned planes.

The Air Force had already built and flown a full-scale flight demonstrator in the real world. The plane is still years away from full production, but has created ripples in the defence industry across the globeAssistant Secretary of the Air Force -Will Roper

According to Richard Aboulafia- an aerospace analyst with AeroDynamic Advisory, Lockheed Martin, Boeing and Northrop Grumman are all possible contenders in building the next generation fighter although  Northrop’s current project on producing the B-21 bomber makes it an unlikely choice to lead the project.

Due to the sensitive nature of the project, much about NGAD remains classified to the general public.

SOURCE(s)

COVER: Popular Mechanics

Civil aviation minister Jyotiraditya Scindia launched a national air sports policy while explaining the enormous potential it holds. The minister said that the country's air sports market has the potential to expand to an INR 1,000-crore industry.

Scindia said the air sports business in India generates revenues of about INR 80 crore to INR 100 crore at the moment. He introduced the National Air Sports Policy 2022 (NASP) to encourage its development.

“From a small market size of around 5,000 odd air sports practitioners creating around INR 80-100 crore of annual revenue in India, I feel we can target over INR 8,000 – 10,000 crore annual revenue and generate over 1,00,000 direct jobs. The economic multiplier benefits in terms of travel, tourism, support services and local infrastructure development will be over three times.The policy (NASP) is a result of great consultation. It is important for the country as we need to look at planting seeds of growth in emerging sectors. Given India’s geographic expanse, we can offer a wide variety of air sports. If you combine that with the demographic dividend of nearly 70% of the population being below the age of 35, this is an industry that is right for the picking."Jyotiraditya Scindia, Union Minister of Civil Aviation

The government has established the Air Sports Federation of India (ASFI), which will have a four-tier structure, as part of the new National Air Sports Policy 2022. ASFI shall be an autonomous body under the civil aviation ministry.

Each federation's association can represent more than one sport, and each association's press and secretary will be represented in ASFI as full members with voting rights. The policy intends to make India's air sports ecosystem safe, affordable, accessible, enjoyable, and sustainable.

Jyotiraditya Scindia launches National Air Sports Policy; aims India to become sports hub by 2030

Aerobatics, aeromodelling, and model rocketry, amateur-built and experimental aircraft, ballooning, drones, gliding and powered gliding, hang gliding and powered hang gliding, parachuting, paragliding, and paramotoring, powered aircraft, and rotorcraft (including autogyro) will all be regulated under the policy.

According to Scindia, this will help create 1 lakh jobs in the sector and raise revenue from the current level of INR 100 crore to INR 10,000 crore in the coming years. The government will also update the list of sports covered by the NASP regularly to include new air sports.

https://twitter.com/JM_Scindia/status/1534074867875577856

Air spaces will be created in certain locations to allow uninhibited air sporting activities in the designated areas and will be coordinated with the Air Traffic Control (ATC) authority responsible for the provision of Air Traffic Services in the respective airspace under NASP as it might conflict with other manned and unmanned aircraft operations.

The policy seeks to position the country among the top air sports nations by 2030 as well as provide a safe, affordable and sustainable air sports ecosystem. To this end, a four-tiered structure overseen by the Air Sports Federation of India (ASFI) headed by the secretary of civil aviation is being set up.

The government will also update the list of sports covered by the NASP regularly to include new air sports.

This will comprise ASFI, national associations for each air sport, state-level associations and district-level associations. The framework will be overseen by eight members of the government, 26 members from the private sector and three eminent individuals.

ASFI will ensure that standards set by the Switzerland-based world governing body for air sports, Fédération Aéronautique Internationale (FAI) are closely followed.

The minister said the structure had been planned to ensure that the growth of air sports was largely led by the private sector. He also informed the ministry of civil aviation was in consultation with the ministry of finance to reduce goods and services tax (GST) on equipment for air sports.

The minister said the structure had been planned to ensure that the growth of air sports was largely led by the private sector.

The Minister of Civil Aviation, was also able to interact with two prominent air sports players – Rachel Thomas (the first Indian woman to skydive from 7,000 feet over the North Pole) and Shital Mahajan, (the first woman to perform an accelerated free fall jump over Antarctica from 10,000 feet).

The Padma Shri awardees expressed their gratitude for the launch of the national air sports policy and said that it will help India become a leading country in the world of air sports by 2030.

ALSO READ - Government publishes National Air Sports Policy draft

Kempegowda International Airport, Bengaluru (BLR Airport) has introduced AI-driven, assistance robots to enhance the passenger experience.

Currently, at the trial stage, 10 robots have been deployed at the airport to help guide passengers through the airport and answer basic queries, it said in a statement on Tuesday, June 7.

Bengaluru Airport introduces AI-driven robots to provide an improved passenger experience

The robot count will be increased in a calibrated manner and further developed over a period in terms of functionality and features, after gauging customer feedback, it said.

BLR Airport has partnered with Artiligent Solutions Pvt. Ltd. -- specialists in AI and Robotics -- to model the robots along with creating a customised passenger services software. The default language of communication will be English, with additional regional and international languages in the offing.

"Pre-empting passenger requirements and complementing new-age technology with a focused customer-centric team approach has been our winning combination".Jayaraj Shanmugam, Chief Operating Officer, Bangalore International Airport Limited (BIAL)

The robots will provide a variety of services which include providing information on the flight status, passenger convenience services, directional assistance, retail and F&B information, the statement said.

The robots will provide a variety of services which include providing information on the flight status, passenger convenience services, directional assistance, retail and F&B information

They shall navigate autonomously through the terminal and escort passengers to their desired locations. If due to any reason, the robot is unable to answer queries, passengers shall be immediately connected to the 'Airport Help Desk' via video call, on the robot screen itself, it stated.

Owned and operated by Bangalore International Airport Limited, Bangalore Kempegowda International Airport is the international gateway to Bengaluru and ranks among the busiest airports in India. The airport commenced operations in 2008 and replaced the old HAL Bangalore International Airport.

An Air Arabia flight heading from Chittagong in Bangladesh to Abu Dhabi in the United Arab Emirates (UAE) was diverted to Ahmedabad on Monday, June 6 as one of the aircraft engines failed mid-air, senior officials of Indian aviation regulator Directorate General of Civil Aviation (DGCA) said.

The DGCA has launched a probe in the matter, the officials said on Tuesday, June 7. The aircraft "experienced No.1 Engine Stall and Engine Fail ECAM warnings came on", the official added.

The flight, 3L-062, had taken off from Abu Dhabi late on June 6 and was scheduled to reach Chittagong in Bangladesh. However, the air crew declared a Mayday after the flight developed an engine snag on Airbus A320 (A6-AOT).

The air crew declared a Mayday after the flight developed an engine snag on Airbus A320 (A6-AOT).

The flight landed at the Ahmedabad airport at approximately 9:25 PM on Monday, June 6 after one of the engines "stalled" mid-air and the engine failure warning came on, they added.

Due to the warning sign, the crew had to make a "mayday" call and the aircraft was allowed to conduct an emergency landing at the airport, the officials noted. None of the passengers or crew members was injured and the aircraft landed safely.

A DGCA team from its Mumbai regional office, in consultation with the Aircraft Accident Investigation Bureau (AAIB), has been sent to Ahmedabad to conduct the probe, the officials added.

According to the aviation website Skybrary, ECAM is the “Airbus version of an enhanced engine indicating and crew alerting system (EICAS) system. It presents data on the engine/warning display and system display inclusive of primary engine indications, fuel quantity, flap and slat position.”

DGCA orders probe after Air Arabia crew declares mayday; emergency landing in Ahmedabad

In the past few months, there has been a spurt in aircraft engine snags. The DGCA is investigating these snags faced by Indian carriers closely with the original equipment manufacturers. And now a foreign airline’s engine snag also joins its probe list.

ALSO READ - A320neo aircraft of Air India makes an emergency landing in Mumbai after mid-air engine shut down

“In the last three months, there have been one Pratt & Whitney and three CFM engine snags. They all had different issues and were commanded to shut down. It is being investigated closely in consultation with the original equipment manufacturers (PW & CFM),” a senior DGCA official investigating the engine snags faced by Indian carriers said. Industry insiders point out five CFM engine snags in the last 6 months.

Falcon Aviation Services-a leading Business Aviation Services operator in the Middle East and Africa region, and a subsidiary of Eve Holding, Inc. (“Eve” or the “Company”), had signed a Letter of Intent (LoI) for up to 35 electric vertical take-offs and landing (eVTOL) aircraft, in April 2022.

Representative | Aviator Newsroom

The Letter of Intent (LoI) signed, saw an order placed for up to 35 eVTOL aircraft, besides the fact that both the entities agreed on collaborating with local stakeholders and authorities to extend support and accelerate the development of the Urban Air Mobility (UAM) ecosystem in the United Arab Emirates.

We are ecstatic to partner with Eve and be the first operator of eVTOL in Dubai & the MENA region. The launch of this concept fully aligns with the Smart Dubai vision and will contribute to positioning Dubai as a global leader in sustainable Urban Air Mobility transportation. Falcon is actively engaged in Urban Air Mobility emergence and committed to delivering an effective and sustainable new urban transportation mode and providing the community with better and faster solutions. We are particularly proud to take a new step in the UAE, in a project that will be revolutionary for sustainable urban mobilityCaptain Ramandeep Oberoi, Chief Operating Officer of Falcon, said

Captain Ramandeep Oberoi | Aviation International News

Deliveries are expected to commence by 2026 and the collaboration will launch the first eVTOL touristic flights from the Atlantis, The Palm in Dubai.

We are thrilled about partnering with Falcon and having the immense opportunity to enable the future urban mobility in the United Arab Emirates and launch eVTOL flights in Dubai. This is a massive challenge for both companies, which will help to position Dubai as a leader in the urban air mobility market. Eve’s global experience, which spans different regions across the globe, will surely benefit the achievement of this projectsaid Andre Stein, co-CEO of Eve

Andre Stein | Forum Nacional

After having established itself as a leading operator in the aviation industry in the UAE and the MENA region, Falcon Aviation is located at Abu Dhabi’s Al Bateen Executive Airport and Dubai’s Al Maktoum International Airport.

Backed by Embraer S.A.’s more than 50-year history of aerospace expertise, Eve focuses more on accelerating the Urban Air Mobility ecosystem. According to the company, the UAM market is an estimated $760 billion industry and is apparently in no hurry to launch its aircraft which it dubs a flying taxi.

Stein highlighted the fact that the company is adopting a more holistic approach and is leaning more towards the “right direction”, than running in haste to provide investors with a preview of a prototype.

SOURCE(s)

COVER: AeroTime Hub