Jet Airways employees cited concerns about continuity and unpaid salary dues in their plea to the NCLAT.
Representative image
Jet Airways employees on August 19 moved National Company Law Appellate Tribunal (NCLAT) and sought the quashing of the National Company Law Tribunal’s approval of the Kalrock-Jalan resolution plan.
Jet Airways employees cited concerns about continuity and unpaid salary dues in their plea, reported CNBC-TV18.
The Kalrock-Jalan resolution plan had been approved by NCLT Mumbai on June 22. The Mumbai bench of the NCLT had given the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation (MCA) 90 days from June 22 to allot slots to Jet Airways.
Jet Airways is back! NCLT approves Kalrock-Jalan consortium's resolution plan
Jet Airways was grounded in April 2019 due to lack of funds and insolvency proceedings against it began in June of the same year. After several rounds of bidding, the consortium of Kalrock Capital and Murari Lal Jalan’s bid was selected as the successful bidder for the airline by its lenders in October 2020. This gave the defunct airline hopes to restart operations.
As per information available on Jet Airways website, as on October 3, 2020, financial creditors had claimed Rs 11,344.71 crore from the company, of which claims worth Rs 7,453.63 crore were admitted by the resolution professional.
The airline’s employees had filed claims worth Rs 569.21 crore, of which claims worth Rs 359.29 crore were admitted. Claims filed by operational creditors other than employees were to the tune of Rs 28,466.13 crore, of which Rs 6,658.37 crore were admitted. State Bank of India (SBI) is the largest financial creditor to Jet Airways, with admitted claims worth Rs 1,138.85 crore.Jet Airways employees move NCLAT, seek quashing of nod for Kalrock-Jalan resolution plan - Moneycontrol
Read More
No comments:
Post a Comment