NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on October 8 will hear an appeal filed by Jet Airways employees against the Kalrock-Jalan revival plan that was given a green light by Mumbai bench of the National Company Law Tribunal (NCLT) in June 2021.
NCLAT has given two weeks time to the counsel of Kalrock-Jalan consortium, the successful bidder, to respond to claims by Jet Airways employee associations, who claims that there is almost nothing for them in the resolution plan.
Bharatiya Kamgar Sena (BKS) and Jet Airways Cabin Crew Association have filed an appeal in the NCLAT last week against the National Company Law Tribunal’s June-22 order approving the consortium’s Rs 1,375 crore resolution plan. The unions claim that the consortium fails to protect workers’ interests and violates labour laws.
They added that the core principle of the Insolvency and Bankruptcy Code is to protect the interests of all stakeholders but the resolution plan does not protect workers’ interest. Many experts believed that they are compensated poorly in the resolution plan.