The National Company Law Appellate Tribunal (NCLAT) on December 6 dismissed a plea filed by Jet Airways' new owner - Jalan-Kalrock consortium (JKC) - in the matter of unpaid provident fund and gratuity dues to the airline's workmen and employees.
The insolvency appellate tribunal, in its order, clarified that PF and gratuity dues would have to be borne by the successful resolution applicant as per the approved plan.
The tribunal also dismissed JKC's plea to cap its payment liability under the resolution plan at Rs 475 crore. Earlier, JKC had sought clarity that any additional amount (over and above Rs 52 crore) payable to workmen or employees be paid out of the bank balance of Jet, from the amount reserved for other creditors.
Earlier, NCLAT had also directed the Jalan-Kalrock consortium to "compute the payments to be made to workmen and employees within one month from today" and communicate the same to the Jalan-Kalrock consortium to take steps for the payment.
The NCLAT order came over the petition challenging the orders of the Mumbai bench of the National Company Law Tribunal, which had on June 22, 2021, approved the bids of the Jalan-Kalrock consortium.
Meanwhile, Moneycontrol reported earlier today that after Jet Airways’s revival plans hit another roadblock in November, its employees are once again left questioning their future.
Some employees said discontent in the workforce has risen.
"The belief in the current top management of Jet Airways is one of the biggest reasons employees are not aggressively looking for alternative opportunities," an employee working with the human resource team at Jet Airways since last year told Moneycontrol.
Further, according to a Bloomberg report citing sources, lenders to Jet Airways are resisting a court-approved resolution plan, further delaying the private airline’s return to the skies,
Banks, led by State Bank of India, say Jet Airways’ new buyers — Dubai-based businessman Murari Lal Jalan and Florian Fritsch, chairman of London-based Kalrock Capital Management Ltd. — should pay an additional 2.5 billion rupees ($30.1 million) into the retirement kitty, the report stated.
(With agency inputs)
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