Sunday, October 2, 2022

Jet employees to approach NCLT next week. Know why

Must read

New Delhi: Two employee associations of Jet Airways are planning to go to the National Company Law Tribunal (NCLT) and become parties in the insolvency proceedings against the airline. “Claims will be filed as per procedure. It will take at least a week to collect the data, thereafter we will proceed,” a senior official said.

National Aviators Guild expected to join soon

The National Avaitors Guild is expected to join the two associations and take a similar step. The two unions that are planning to make its case before the NCLT next week include The Society for Welfare of Indian Pilots (SWIP) and Jet Airways Aircraft Maintenance Engineers’ Association (JAMEWA).

The associations had earlier written to Jet’s lenders, offering to take control of the airline which suspended operations in April. They had promised an investment of Rs 7,000 crores, out of which Rs 3,000 crores would have come from investors and the rest from employees through hypothetical five-year employee stock option programme.

The backdrop

The NCLT admitted SBI’s insolvency against debt-ridden Jet Airways on Thursday. This was preceded by a meeting of all of Jet’s lenders on June 17. At the meeting, it was decided that the lenders would move the NCLT to initiate insolvency proceedings against Jet Airways under the Insolvency & Bankruptcy Code (IBC).

The airline owes around Rs 3,000 crore to its employees.

- Advertisement -

More articles

- Advertisement -

Latest News