A few senior Jet Airways executives have resigned after the uncertainties surrounding the announcement of Jet 2.0, 2 executives told.
Jet Airways
Nakul Tuteja, who joined ten months ago as vice president, of human resources and administration, at Jet Airways, resigned recently. An HR industry veteran of twenty-five years, Tuteja joined the airline in February. He had stints in GoAir, IndiGo, Aman Resorts, Infosys BPM, EXL, and IBM (Daksh).
Besides, 6 cabin crew and one pilot have left the airline, leaving the Jet with 4 pilots and 16 cabin members, one of the executives told seeking anonymity. Exits raised since the Jalan-Kalrock consortium declared temporary cost-cutting measures last month, he said.
H.R. Jagannath, vice president, of engineering, at Jet, has also moved on after his 6-month contract ended with the company in November 2022.
On 18 November, Jet’s winning bidder told it was restructuring salaries to boost cash flows amid a protracted legal battle that is threatening to delay the resumption of operations of the grounded carrier.
Jet Airways has 210 employees down from 230 until 2 months back
However, despite the departures of senior executives, an airline executive seemed to be unfazed. “The airline will ramp up hiring of the crew members once the aircraft order is finalized, and placed.
But, for that to happen, there requires to be clarity on whether the conditions have been met for transferring Jet’s ownership to the Jalan-Kalrock consortium. Only then the winning bidder will infuse more funds into the airline,” the 2nd official stated, also seeking anonymity.
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The consortium has deposited ₹150 crores required under the court-approved resolution plan with the lenders, and the remaining sum will be infused after the NCLT’s terms are fulfilled in terms of handing over the company, the Jalan-Kalrock consortium told in the report.
National Company Law Tribunal
On 21 December, the National Company Law Tribunal (NCLT) reserved its order in a petition filed by the JKC consortium claiming to have completed all conditions precedent (CPs) needed under its resolution plan. It also sought a transfer of ownership of Jet Airways, while the airline’s lenders are of the view that the CPs have not been satisfied by the consortium.
However, several staff is willing to wait till January for some clarity to emerge from the crucial order from the NCLT on relaunching the airline, the 1st official said.
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