Slapped with additional liabilities, the Jalan-Kalrock consortium suggests lenders take a further cut in their share of the agreed payment. But with the banks playing hardball, is there hope for the airline’s revival?
The Jet Airways revival story has been years in the making with challenges continuing to crop up. Two weeks ago, the National Company Law Appellate Tribunal slapped additional liabilities on the airline’s new owner. The Jalan-Kalrock consortium was told to clear gratuity and provident fund dues of Jet Airways workmen accrued till June 2019, when the insolvency proceedings began. The appellate tribunal gave the resolution professional 30 days to compute the amount to be paid.
This means that the revival of the airline now hinges on hard-nosed negotiations between the consortium and the banks. In its first comment following the …
Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.