InvestorQ : What happens to the Jet Airways deal after the latest objections by the employees?
sara Kunju made post

What happens to the Jet Airways deal after the latest objections by the employees?

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Mary Joseph answered.
4 months ago
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After the Employees Union of Jet Airways had approached the NCLT Appellate Tribunal (NCLAT), the appellate authority has decided to give the Kalrock Jalan consortium a time frame of 2 weeks to the Kalrock Jain consortium to respond to the employees. The union had made a plethora of claims and allegations flagging concerns over pending salaries and retirement benefits under the resolution plans approved by the NCLT.

It may be recollected that Jet Airways has been grounded the middle of 2019 after it ran into a cash crunch and no bank was willing to come forward and fund the venture. The consortium needs to address the workmen grievances quickly if it has to resume operations by year-end. One of the major objections of the employees union was that the compensation paid to operational creditors and employees was abysmally low.

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