InvestorQ : Can we finally hope for a resolution in the Jet Airways case, now that there is a buyer for the bankrupt airlines?
Rashi Mehra made post

Can we finally hope for a resolution in the Jet Airways case, now that there is a buyer for the bankrupt airlines?

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Niti Shenoi answered.
1 month ago
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Let ma clarify, the bid by Kalrock has been accepted, but not yet approved. There are still a lot of procedural issues to be sorted out before the deal can be through. Also, we need to see how the creditor dues will be defrayed and whether there will be some haircut.

For the employees there may finally be some iota of hope. After waiting for a little over 18 months, the employees of Jet Airways may finally be seeing a ray of hope as the airline is close to getting a buyer. At least, the first phase is done.

During the previous week, the Committee of Creditors or COC approved the bid put forth by the consortium of Kalrock Capital and Murari *** Jalan to revive Jet Airways. The next step is to take stock of how the payouts will be done and what creditors get out of it.

Most of the pilots and other staff of Jet Airways are hoping against hope that the revival process would be fast tracked with the support of the Indian government. In the last 18 months since Jet stopped flying, employee strength is down from 8000 to 4000.

As of now, there are admitted employee claims of Rs.1265 crore in the Jet scheme, although the share of actual money is not known. A core team has been working closely with the Resolution Professionals to push the case to the logical conclusion.

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