NCLAT agrees to hear Jet staff’s plea against Kalrock-Jalan resolution plan
The National Company Law Appellate Tribunal will hear on October 8 an appeal filed by Jet Airways employees against the Kalrock-Jalan revival plan.
Various employee groups have moved the appellate tribunal seeking a stay on the insolvency court order approving the revival plan as it hurt their interests.
A division bench of the NCLAT on Wednesday allowed the resolution professional and the committee of creditors two weeks to file their response on the appeals and posted the matter on October 8 for admission. The tribunal was hearing an appeal filed by Association of Aggrieved Workmen of Jet Airways against the plan as it contravenes with the provisions of the Insolvency and Bankruptcy Code. The Bharatiya Kamgar Sena and Jet Airways Cabin Crew Association too have
challenged the plan.
On June 22, the Mumbai bench of the National Company Law Tribunal cleared the airline’s revival plan. While Jet Airways had admitted claims of around Rs 15,000 crore, the Kalrock-Jalan consortium offered to settle claims of Rs 475 crore of financial and non-financial creditors. Employee claims worth Rs 1,265 crore were admitted and the consortium proposed Rs 52 crore to settle their claims.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
