Reportedly employees of beleaguered Jet Airways gathered at Jantar Mantar, delhi on Tuesday demanding clarity on the future of the airline and salaries. "Our people are facing so many problems. Many have defaulted on loans. There are no medical benefits for us. Employees are having a hard time managing their families," said Ashish Mohanty, head of the engineering association.
Following is the appeal put out by the employees' association "Jet Airways (I) Ltd was admitted to NCLT after the lenders claimed, that the resolution of the issue is only possible under IBC. Earlier, the lenders initialized a "Bank Led Resolution Plan (BLRP)", in which debt of the Company was supposed to be converted to equity, and thereafter, funds would be infused by the Consortium of Banks. However, that plan was also rolled back, and no fund infusion took place.
In this process, however, employees of the company got victimized, and have suffered for no fault of theirs. It is now over seven months that the employees are without salaries. Although the Banks became absolute owners of the Company, they did not release even a meager amount, which would have given some respite for the employees and they requested the government to release their salaries for one month, implement the Insolvency and Bankruptcy Code (IBC) Amendments and fast track completion of the resolution process.