Jet Airways pilots’ union asks Supreme Court to direct SBI to release funds

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Published: May 7, 2019 7:14:19 PM

The pilots’ union of Jet Airways on Tuesday appealed to the Supreme Court to direct State Bank of India (SBI) to interim funds to the debt-struck airline.

jet airways got notice from delhi high court on plea for refund of jet passangersThe requests were also made to not reallocate the slots to the other air carriers on a permanent basis, the filing added.

The pilots’ union of Jet Airways on Tuesday appealed to the Supreme Court to direct State Bank of India (SBI) to interim funds to the debt-struck airline, global news agency Reuters reported citing a court filing made on Tuesday.

The top court was also asked  by the union to direct the Ministry of Civil Aviation and Directorate General of Civil Aviation, Government of India (DGCA) to decline the requests of de-registration of Jet Airways’ aircraft, the report added. The requests were also made to not reallocate the slots to the other air carriers on a permanent basis, the filing added.

Also read: GoAir’s offer for Delhi, Mumbai: Fly to select destinations for as low as Rs 1,532; check details

The largest lender in the country, SBI, didn’t provide interim funding worth Rs 1500 crore to the embattled airline after agreeing to do to the same as a part of the resolution plan earlier, the National Aviator’s Guild also said. It resulted in Jet Airways getting grounded and impacting the livelihood of 22,000 employees of the airline.

It was on April 17 that Jet Airways, once the largest private airline in the country, had ‘temporarily’ halted all its operations after the lenders rejected its request to provide funds.

The former founder, chairman of the cash-strapped airline, Naresh Goyal, has written to the employees saying that he had made Rs 250 crore available to banks, pledged all shareholding, CNBC TV18 reported earlier today, citing unidentified sources. He was also quoted as saying that he has no role to play  and hopes that banks will finalise the bidders on May 10.

Meanwhile, the shares of Jet Airways fell to Rs 126, down 7.40 points, or 5.55 per cent on NSE today.

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