As per report the pilots' union of grounded Jet Airways on Tuesday approached the Supreme Court to direct the consortium of lenders for release of funds to restart operations. Meanwhile in its petition, the National Aviators' Guild (NAG) asked the Supreme Court to direct the airlines' lenders to release the promised amount to restart operations as it impacts 22,000 direct and indirect employees.
Furthermore according to the petition reviewed the union said the consortium has failed to meet its obligation of providing Rs 1,500 crore worth of funds to the airline under its turnaround plan. Further the petition also asks the Supreme Court to stop the Central government from allotting Jet's time slots at the airport on a permanent basis and to prevent allocation of seats under the bilateral agreement on international sector to other airlines.
Presently the fate of the airline formed on May 5, 1993 hangs in the balance, as domestic lenders have called for binding bids from potential investors by May 10 to sell a sizeable stake in the company. Moreover prior to temporarily suspending all flight services, Jet had already folded up most of its operations due to grounding of around 90 per cent of its fleet by lessons, as its consortium of lenders refused to extend loans to the airline.
