July 4 (AZINS) Ministry of Corporate Affairs has ordered a probe into Jet Airways over alleged mismanagement, including siphoning of funds.

The ministry has issued ordered investigation into affairs of Jet Airways, Jet Privilege Limited, Jet Lite, Air Jet Ground Services, Air Jet Engineering, Air Jet Training Services, Air Jet Allied and Securities. 

The order issue date on July 4, 2019 is under Section 212(1) C of Companies Act.

Airline's operations have been grounded after its debt continued to rise. The airline is having a negative net worth for long and has run a loss of over Rs 13,000 crore in the past few years. Thus it has over Rs 36,500 crore of dues and being a services company negligible assets to recover.

Apart from banks, the airline also owes over Rs 10,000 crore to its hundreds of vendors, primarily aircraft lessors and over Rs 3,000 crore to its employees who have not been paid since March.

Though there have been attempts for airline's bailout but even after several meeting with all the stakeholder, no concrete decision has been taken so far. 

However, in some relief, many Jet Airways pilots, cabin crew employees who were left out of work after airline's operations were suspended were hired by competitors airlines.

Meanwhile, the Delhi High Court on Friday will hear plea of former Jet Airways Chairman Naresh Goyal's seeking quashing of look-out circular issued against him.