Thursday, 27 June, 2019

Jet Airways CEO Served Legal Notice by Pilots over Salary Delay

Jet Airways receives legal notice over unpaid salaries Troubled Jet Airways' B777 seized by WFS in Schiphol over unpaid fees
Russell Knight | 13 April, 2019, 12:27

On Tuesday, the airline was served a legal notice by a section of its pilots demanding payment of salaries - which is due from January 1, 2019 - by April 14. "The action came following the airline breaching its bank guarantee limits with the company", an Indian Oil Corporation official said.

This is the second time the refiner has halted fuel supplies to crisis-stricken Jet, which is saddled with over $1.2 billion in debt and owes money to banks, aircraft lessors, suppliers, pilots and others.

This was the third time since last Thursday that the oil company stopped supplying fuel to the crumbling carrier.

The development comes after the lenders of the debt-ridden airline invited Expressions of Interest (EoI) for stake sale in the company to recover dues worth Rs 8,000 crore.

"We stopped fuel supplies to Jet Airways across the country from 3 pm Wednesday". The supply was resumed late evening.

According to SBI Capital Markets, which is advising the lenders to find new investors for the carrier, qualified bidders should submit their respective binding bids by April 30.

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Initial bids were to be submitted by the end of Wednesday, but SBI has extended the deadline to April 12.

To be certain that genuine parties are bidding, SBI Caps, the merchant banker undertaking the task, said all members of the consortium have to provide their details, which then have to be certified by their managing director or chief executive director. This has been changed to "restructuring of the existing facilities and infusion of funds by way of loans or acquisition/subscription of up to 75% of equity share capital of the company".

Meanwhile, Jet Airways Amsterdam-Mumbai flight 9W 231 was delayed by more than six hours after cargo handler Worldwide Flight Services (WFS) seized the Boeing 777 at Schiphol Airport due to non-payment of fees shortly before its take off scheduled at 11.25 am.

Currently, the airline operates 26 aircraft which includes Airbus A330s, Boeing 777s, 737-800 and ATRs to various destinations like London, Toronto, Singapore, Amsterdam, Paris, Bangkok and domestic sectors like Mumbai-Delhi among others.

Naresh Goyal the founder of Jet Airways is all set to pledge the rest of his shares to the lenders but conditions apply.

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