Jet Airways employee union opposes the extension application by Kalrock-Jalan

Forum Gandhi | | Updated on: Mar 21, 2022

The 270-day period to implement the resolution plan ends on March 22

The employee union of the erstwhile Jet Airways, Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA), has opposed the application filed by the Kalrock and Jalan consortium seeking two more months from the NCLT to complete regulatory requirements to relaunch the airline.

The Kalrock and Jalan consortium’s application was heard on Monday, during which, the lawyers appearing on behalf of JAMEWA, said that it had filed an Interlocutory Application (IA) in the said matter opposing the said extension. 

According to the union’s prayer to the court, it wants to be made party to the application. It has hence requested the court to pass directions to the consortium (resolution applicant). It has requested the court to direct the consortium’s lawyers to give a copy of the IA filed by them to JAMEWA. It has also sought interim relief in the said matter. 

As per its application, JAMEWA said that the “union is a stakeholder in the resolution process,” and is a secured creditor.

The bench also asked the counsels appearing on behalf of the lenders whether they, too, were opposing the said request, to which the lawyers said that they needed time till March 22 to get directions from the client. 

270-day implementation deadline

The 270-day period to implement the resolution planThe deadline is on March 22 forcing the consortium to seek an extension. Hence, the NCLT posted the matter for a hearing on Tuesday. 

On June 22, 2021, a Mumbai bench of NCLT had approved the resolution plan of the Murari Lal Jalan and Kalrock Capital consortium, and had given 270 days to implement the plan. 

The consortium had earlier said that it planned to restart the airline in Q1 of CY2022. However, due to delays in approvals, the new management said that it planned to restart the airline by May this year. 

It has also made multiple hires including Sanjiv Kapoor as the CEO, Vipula Gunatilleka - Chief Financial Officer, Nakul Tuteja - Vice-President (HR and Admin), and Waleed Ali - VP (Products and Services), sources said.

Published on March 21, 2022
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you