Saturday, January 23, 2021

Jet’s pilots move Supreme Court; seek directions on lenders

- Advertisement -

Jet's pilots move Supreme Court; seek directions on lendersThe pilots’ union of grounded Jet Airways on Tuesday approached the Supreme Court to direct the consortium of lenders for release of funds to restart operations.

In its petition, the National Aviators’ Guild (NAG) asked the Supreme Court to direct the airlines’ lenders to release the promised amount to restart operations as it impacts 22,000 direct and indirect employees.

According to the petition reviewed by IANS, the union said the consortium has failed to meet its obligation of providing Rs 1,500 crore worth of funds to the airline under its turnaround plan.

Besides, the petition also asks the Supreme Court to stop the Central government from allotting Jet’s time slots at the airport on a permanent basis and to prevent allocation of seats under the bilateral agreement on international sector ro other airlines.

READ ALSO:  Satya Nadella is the Fortune's Businessperson of the Year 2019

Last month, temporary suspension of Jet’s operations created a capacity crunch in the domestic sector. Consequently, 280 slots in Mumbai and over 160 in Delhi were left vacant.

These slots are being re-allocated by a committee comprising airport operators, the Airports Authority of India and the Directorate General of Civil Aviation, with preference being given to those airlines which bring in extra planes.

At present, the fate of the airline — formed on May 5, 1993 — hangs in the balance, as domestic lenders have called for binding bids from potential investors by May 10 to sell a sizeable stake in the company.

READ ALSO:  OPPO looking to expand R&D operations in India

In April, Jet was forced to announce a temporary suspension of all flight services as it was unable to maintain even bare minimum operations.

Prior to temporarily suspending all flight services, Jet had already folded up most of its operations due to grounding of around 90 per cent of its fleet by lessors, as its consortium of lenders refused to extend loans to the airline.

READ ALSO:  Samjhauta Express will not be affected, to run as schedule: Piyush Goyal


India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News


Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

RBI proposes multilayer system, stricter norms for NBFCs

Mumbai, Jan 22 (IANS) The Reserve Bank of India (RBI) on Friday proposed a four-layered structure for non-banking finance companies (NBFCs) and new norms...

Proposal to hold farm laws doesn’t mean they are flawed: Tomar

By Navneet Mishra (IANS) After the 11th round of talks between the government and the farmer leaders at the Vigyan Bhawan on Friday remained...

Govt accords highest priority to agri sector: Rupala

New Delhi, Jan 23 (IANS) The agriculture sector is the backbone of the economy and the government accords highest priority to this sector and...

Meghalaya CM inaugurates India’s longest steel arch bridge

Shillong, Jan 22 (IANS) In a big boost to tourism and trade with Bangladesh, Meghalaya Chief Minister Conrad K. Sangma on Friday formally opened...