Lawstreet Journal

JetLite Employees Move NCLT With Plea Seeking Inclusion In Resolution Proceedings Of Jet Airways

Lawstreet Journal 18 Feb 2020 4:32pm

Image courtesy: Lawstreet Journal Business JetLite Employees Move NCLT With Plea Seeking Inclusion In Resolution Proceedings Of Jet Airways

On Saturday (February 15, 2020) employees of JetLite, wholly owned subsidiary of defunct Jet Airways, moved the Mumbai bench of National Company Law Tribunal (NCLT) with a plea asking for inclusion of JetLite employees in Corporate Insolvency Resolution Process (CIRP) of Jet Airways. The court scheduled to hear plea on 3rd week of March.

Advocate of JetLite employees told that Resolution Professional (RP) has rejected their claims.

“Claims submitted to the Jet Airway’s RP are being rejected and JetLite’s employees are being neglected,” argued the counsel for the employees of JetLite. “Jet Airways and JetLite are interdependent entities. The dues of JetLite employees are around Rs 50 crore.”

The Final date of submission of expression of interest was January 15, 2020 and the last date of submission of resolution plan is February 17, 2020.

Consortium of banks led by State Bank of India moved to NCLT with a request to initiated Insolvency Resolution Process (IRP) against defunct airline. As a result of which on April 17, 2019 operations of defunct Jet Airways were shuttered, to start corporate insolvency resolution process (CIRP).

Anil Shukla, a pilot with JetLite, said there were around 600 employees with the airline.

What is IRP, CIRP and RP?

The Insolvency Resolution Process (IRP) is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal (NCLT) initiates a Corporate Insolvency Resolution Process (CIRP) when a company defaults on making payment to creditors. A financial creditor, operational creditor or corporate itself can file an application before NCLT for initiating IRP when… Continue Reading...

Tagged: Jet Airways  
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