A group of Jet Airways employees — who had proposed a management takeover of the airline — will meet the Finance Minister to seek a review of the lenders’ decision to refer the company to the National Company Law Tribunal (NCLT).

Ashwini Tyagi, General Secretary, Society for Welfare of Indian Pilots, who is part of the employee group, said: “We had given an option to the bankers — of an employee-led resolution plan — and the bankers had accepted our proposal in principle. They told us they would approach us if there was a need. However, we do not see why they had to approach the NCLT. We are also meeting the Finance Minister in two days to discuss the issue.”

Under a proposal submitted to SBI, the lead lender, the employees had sought to put up capital through stock options worth ₹4,000 crore and another ₹3,000 crore raised from external investors. The group had met representatives of SBI Caps on May 1, and was assured that the proposal would be considered after May 10, the last date for the short-listed players to place binding bids.

However, a source close to the lenders said, an employee group is not a corporate body and banks may not be able to talk to hundreds of employees to raise funds.

“As a public sector bank, we cannot deny the employees a chance to propose a plan. There were so many players willing to infuse the money. However, it is also important to look at the net worth of the investor. Secondly, it needs to be seen if the plan is viable and sustainable over a period of time,” the source said.

Bid still possible?

Another employee, on the condition of anonymity, said: “We had a conversation with SBI Caps on Tuesday. They told us our investors and our group can bid for the airline even after the airline has been referred to the NCLT.”

The lenders failed to get a suitable offer from any of the potential investors. The only bid was from Etihad Airways, which offered to take a minority stake under certain conditions. Etihad owns a 24 per cent stake in the airline. There was an attempt to rope in the Hinduja Group as the other significant investor but the talks did not materialise.

According to sources in the know, it was a unanimous decision by the 26 lenders to drag the airline to insolvency proceedings. Jet Airways owes over ₹14,000 crore to financial and operational creditors.

Goyal ‘distressed’

Meanwhile, on Tuesday, Jet promoter Naresh Goyal said in a statement: “I feel sad and deeply distressed, mainly for our loyal employees who have waited for months, and were anxiously and hopefully awaiting a positive outcome to the Bank-Led Resolution Plan. I can only hope and pray that even now a solution can emerge and Jet can fly and fulfil the needs not only of employees but of air travellers who feel the absence of the Joy of Flying.”

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