It was a fleeting moment in April this year when the Indian government was able to finalize the sale of its 51 per cent stake in Pawan Hans, after the three failed attempts in the past six years. Pawan Hans is a joint venture by the government of India and the state-owned ONGC which holds a 49 per cent stake in the company. The government had approved the sale of Pawan Hans to Star9 Mobility, a three-way consortium of Cayman Island-based Almas Global Opportunity Fund—a subsidiary of Dubai-based Almas Capital, Mumbai-based Big Charter Private Limited, and Delhi-based Maharaja Aviation Private Limited at a cost of Rs 211 crore, which is above the government’s quoted price of Rs 119 crore. However, an order by the National Company Law Tribunal (NCLT) alleging Almas Global Opportunity Fund of financial discrepancies in a previous bid has forced the government to halt the sale of the helicopter company.