Jet Employee Consortium, AdiGroup to bid for airline


PTI, Jun 29, 2019, 10:35 AM IST

Mumbai: In a first-of-its-kind initiative, a Jet Airways Employee Consortium and AdiGroup Friday announced a partnership to bid for 75 per cent of the airline through the NCLT process, members of the consortium said.

The debt-laden company became the first domestic airliner to go into bankruptcy after the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the SBI on behalf of 26 lenders on June 20.

The airline owes Rs 8,500 crore to banks and around Rs 25,000 crore in arrears to vendors, lessors and employees.

“Jet Airways Employee Consortium and AdiGroup are delighted to announce their partnership to bid for the acquisition of 75 per cent of Jet Airways through NCLT process.

“This is a new dawn in the history of India Aviation of operating an airline through Employee Initiative programme where every single employee of Jet Airways will become an owner of the airline.

“It truly embodies prime minister’s dream ‘Sabka Saath Sabka Vikas Sabka Vishwas’, a joint statement from the consortium and the AdiGroup said.

At a press conference here Capt. Ashwani Tyagi, Commander Boeing 777, General Secretary-Society for Welfare of Indian Pilots, and one of Jet’s senior-most pilots who has been with the airline for 18 years said the airlines were like a family to him and it was “challenging yet exciting journey to revive Jet Airways.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

India crawl to 51 for 4 after losing top-order

Nursing student suicide: Three students arrested in Kerala

Nadda’s letter to Kharge full of falsehoods: Cong

10 month baby gets new heart, new life

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

100 engineering colleges in Karnataka to be ‘adopted’ by corporates by next year: IT Minister Kharge

Related Articles More

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-cr penalty

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Global Bhagavad Gita Quiz Announced: Registration now open

Kasaragod: Husband murders woman PSI

Puttur: Private bus crashes into house to avoid collision with school bus

India crawl to 51 for 4 after losing top-order

Mangaluru: POCSO case – Convict sentenced to 20 years in prison

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.