Jet Airways Insolvency Hearing Adjourned to Nov 9
AVIATION & AIRPORTS

Jet Airways Insolvency Hearing Adjourned to Nov 9

The National Company Law Appellate Tribunal (NCLAT) has decided to adjourn Jet Airways' insolvency hearing to November 9, 2022. The decision came after Jet Airways' Committee of Creditors (CoC) requested more time to respond to an application submitted by the airline's former employees.

The hearing, originally scheduled for September 29, 2022, faced a delay due to the CoC's request for additional time. The ex-employees of Jet Airways had filed an application opposing the earlier approved resolution plan. They claimed that the plan overlooked their interests and neglected their dues.

Jet Airways - once one of India's leading domestic carriers - suspended operations in April 2019 due to an acute cash crunch. Following prolonged negotiations, the airline's CoC approved a resolution plan in June 2021, which involved a consortium of London-based Kalrock Capital and UAE-based Murari Lal Jalan taking over the company's assets.

However, after the plan's approval, Jet Airways' former employees expressed their discontent and approached the NCLAT with their concerns. They argue that the resolution plan fails to prioritize their outstanding salaries, provident fund dues, and other pending payments.

The NCLAT bench, comprising Acting Chairperson Justice A.I.S. Cheema, considered the CoC's plea for more time to deliberate on the employees' objections. The bench noted that it would be unfair to dismiss the grievances without giving them a proper hearing.

The adjournment has sparked renewed concerns among Jet Airways' stakeholders and potential investors awaiting the airline's resolution. With the insolvency hearing now further delayed, the fate of employees and creditors remains uncertain.

Jet Airways, once known for its extensive international network and premium services, played a significant role in the Indian aviation industry. The airline's grounding had a discernible impact on the sector, leaving a void that has yet to be filled by other carriers.

As Jet Airways' insolvency case continues to unfold, industry experts emphasize the importance of a swift resolution. Besides safeguarding the interests of the airline's former employees, a conclusive decision is pivotal for the future of Indian aviation.

While the Jet Airways saga unfolds, the Indian government is taking steps to bolster the country's aviation sector. Measures such as the proposed privatization of Air India aim to attract investment and improve the sector's overall health. Observers hope that these moves will help restore stability and confidence in the industry, ensuring that the void left by Jet Airways' absence is eventually filled.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The National Company Law Appellate Tribunal (NCLAT) has decided to adjourn Jet Airways' insolvency hearing to November 9, 2022. The decision came after Jet Airways' Committee of Creditors (CoC) requested more time to respond to an application submitted by the airline's former employees. The hearing, originally scheduled for September 29, 2022, faced a delay due to the CoC's request for additional time. The ex-employees of Jet Airways had filed an application opposing the earlier approved resolution plan. They claimed that the plan overlooked their interests and neglected their dues. Jet Airways - once one of India's leading domestic carriers - suspended operations in April 2019 due to an acute cash crunch. Following prolonged negotiations, the airline's CoC approved a resolution plan in June 2021, which involved a consortium of London-based Kalrock Capital and UAE-based Murari Lal Jalan taking over the company's assets. However, after the plan's approval, Jet Airways' former employees expressed their discontent and approached the NCLAT with their concerns. They argue that the resolution plan fails to prioritize their outstanding salaries, provident fund dues, and other pending payments. The NCLAT bench, comprising Acting Chairperson Justice A.I.S. Cheema, considered the CoC's plea for more time to deliberate on the employees' objections. The bench noted that it would be unfair to dismiss the grievances without giving them a proper hearing. The adjournment has sparked renewed concerns among Jet Airways' stakeholders and potential investors awaiting the airline's resolution. With the insolvency hearing now further delayed, the fate of employees and creditors remains uncertain. Jet Airways, once known for its extensive international network and premium services, played a significant role in the Indian aviation industry. The airline's grounding had a discernible impact on the sector, leaving a void that has yet to be filled by other carriers. As Jet Airways' insolvency case continues to unfold, industry experts emphasize the importance of a swift resolution. Besides safeguarding the interests of the airline's former employees, a conclusive decision is pivotal for the future of Indian aviation. While the Jet Airways saga unfolds, the Indian government is taking steps to bolster the country's aviation sector. Measures such as the proposed privatization of Air India aim to attract investment and improve the sector's overall health. Observers hope that these moves will help restore stability and confidence in the industry, ensuring that the void left by Jet Airways' absence is eventually filled.

Next Story
Real Estate

Maharashtra Builders Must Add Waterproof Telecom Centres In Buildings

The Maharashtra Urban Development Department (UDD) has issued a notice (dated 30 September 2024) inviting suggestions and objections regarding a proposed addendum to the Model Building Bye-Laws 2016, issued by the Ministry of Housing and Urban Affairs (MoHUA). The addendum is set to be incorporated into the Development Control and Promotion Regulations – 2034 for Greater Mumbai. Aimed at enhancing digital connectivity infrastructure in Mumbai and its suburbs, the notice calls on architects, developers, and town planners to provide input on the inclusion of Common Telecommunication Infrastru..

Next Story
Technology

Year-End Review 2024: MeitY’s Digital Leap

In 2024, the Ministry of Electronics and Information Technology (MeitY) spearheaded significant initiatives to advance India's digital growth, with a focus on artificial intelligence (AI), cybersecurity, and skill development. These efforts aimed to democratise technology, foster innovation, and cement India's position as a global technology leader. Semiconductor Manufacturing under the Semicon India Programme Several major projects received approval under the Semicon India Programme, marking a pivotal year for semiconductor manufacturing in India: 1. Tata Electronics Private Limited (TEPL)..

Next Story
Infrastructure Transport

Indian Railways to Roll Out Kavach 4.0 For Safer Rail Operations

Indian Railways is advancing efforts to boost safety and operational efficiency by deploying the state-of-the-art Kavach 4.0 automatic train protection system across key routes. The enhanced system, developed in-house, aims to prevent accidents, minimise human error, and ensure seamless train operations. According to officials, all locomotives equipped with earlier versions of Kavach will be upgraded to Kavach 4.0. The North-East Frontier Railway has identified approximately 1,966 route kilometres, stretching from Malda Town to Dibrugarh, for implementation. This initiative is part of a br..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000