Wednesday, August 25, 2021

NCLAT agrees to hear plea by Jet Airways employees against Kalrock-Jalan resolution plan

The National Company Law Appellate Tribunal (NCLAT) on Wednesday agreed to hear a plea by Jet Airways employees against the resolution plan submitted by Kalrock-Jalan. The NCLAT has issued a notice seeking a response to concerns raised by Jet Airways Employees.

The airlines' employees have sought quashing of the National Company Law Tribunal (NCLT) approval of the Kalrock-Jalan resolution plan. In the plea, employees have cited concerns about continuity, unpaid salary dues, and retirement benefits.

In their petition filed before the NCLAT, the Jet Airways Cabin Crew Association and Bhartiya Kamgar Sena have submitted that dues of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost.

On June 22, NCLT had approved Jalan-Kalrock Consortium's resolution plan for Jet Airways, which remains grounded for more than two years now. The employees had raised claims of Rs 1,265 crore while the resolution plan proposed payment of Rs 52 crore.

The petition has pointed out that the resolution plan includes the demerger of Jet Airways' subsidiary Airjet Ground Services Ltd (AGSL). Also, the services of the airline's employees, who were on the payroll as of the date of approval of the resolution plan, will be transferred to the demerged entity.

25/08/21 CNBC TV18

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