Sunday, 11 July 2021

Jet Airways resolution plan may not get staff support - Source

Jet Airways resolution plan may not get staff support

 Jet Airways resolution plan may not get staff support


Employees likely to seek relief from the National Company Law Appellate Tribunal

Jet Airways’ revival is facing headwinds as 95 per cent of the employees are unlikely to vote in favour of the resolution plan.


Not only that, the employees have now written letters to the Labour Ministry, the Civil Aviation Ministry and the regional labour commissioners.


Sources say employees are also likely to seek relief from the National Company Law Appellate Tribunal.


The All India Jet Airways’ Officers and Staff Association has written three separate letters to the Ministry of Civil Aviation, the Ministry of Labour and the Regional Labour Commissioner (Central) regarding gratuity claims and payment dues. The unions have sought a meeting with the Murari Lal Jalan and Kalrock Capital consortium.


This comes even as the National Company Law Tribunal cleared the proposal submitted by the consortium on June 22.


While different categories of creditors made claims of about ₹40,200 crore, the consortium had offered to settle claims of ₹ 475 crore of financial and non-financial creditors.


Banks would be getting ₹385 crore against their total claim of about ₹7,800 crore, translating into a haircut of about 95 per cent.