The National Company Law Appellate Tribunal will hear on October 8 an appeal filed by Jet Airways employees against the Kalrock-Jalan revival plan.
Various employee groups have moved the appellate tribunal seeking a stay on the insolvency court order approving the revival plan as it hurt 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. The tribunal was hearing an appeal filed by the Association of Aggrieved Workmen of Jet Airways against the plan as it contravenes with the provisions of the Insolvency and Bankruptcy Code. The Bharatiya Kamgar Sena and Jet Airways Cabin Crew Association too have challenged the plan.
On June 22, 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.
Source: Business-Standard