In June, the Mumbai Bench of the National Company Law Tribunal (NCLT) had approved the resolution plan for the grounded Jet Airways submitted by Kalrock Capital and Dubai-based entrepreneur Murari Lal Jalan. An appeal filed by Jet Airways employees against the Kalrock-Jalan resurrection plan will be heard by the National Company Law Appellate Tribunal (NCLAT) on 8 October 2021.
Several employee groups have petitioned the appellate tribunal for a suspension of the insolvency court's approval of the resurrection plan, claiming that it would harm their interests.
A division bench of the NCLAT on Wednesday allowed the resolution professional and the committee of creditors two weeks to file their response on the appeals and posted the matter on October 8 for admission. A principal bench of New Delhi's NCLAT, consisting of Justice Jarat Kumar Jain and Ashok Kumar Mishra (Member-technical), also directed the ‘Resolution Professional’ (RP) for Jet Airways, to produce the copies of Minutes of CoC (Committee of Creditors) meetings to the corporate debtor before the next hearing which is slated for 8 October.
The tribunal was hearing an appeal filed by the Association of Aggrieved Workmen of Jet Airways against the plan as it contravenes the provisions of the Insolvency and Bankruptcy Code. The Bharatiya Kamgar Sena and Jet Airways Cabin Crew Association too have challenged the plan.
On 22 June the Mumbai bench of the National Company Law Tribunal cleared the airline’s revival plan. While Jet Airways had admitted claims of around Rs. 15,000 crore, the Kalrock-Jalan consortium offered to settle claims of Rs. 475 crore of financial and non-financial creditors. Employee claims worth Rs. 1,265 crore were admitted and the consortium proposed Rs. 52 crore to settle their claims.
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