Banks unions want lenders to offer special loans to Jet Airways staff

Daniel Fowler
April 23, 2019

Jet Airways has five 174-seat B737 MAX 8 aircraft on its fleet, but have been grounded on regulatory intervention following the worldwide grounding of that type of aircraft after an Ethiopian Airline crash near Addis Ababa on March 10, within five months of a similar crash of an Indonesian Lion Air flight near Jakarta.

"As we expand and grow, we are giving first preference to those who have recently lost their jobs due to the unfortunate closure of Jet Airways". They held up placards that read "Hear our cry!"

Milind Paradkar, an engineer with Jet Airways, urged the government to infuse some funds to keep Jet Airways afloat.

It asked Prime Minister Modi to take a cue from the foresight shown by former PMs Jawaharlal Nehru and Indira Gandhi in nationalising insurance and airline companies.

The banks can lend some money to Jet Airways specifically for the goal of paying employee salaries, a major bank employees' union official said on Monday.

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"The government has to be transparent". We have about 20 of them already, all from Jet Airways as at present only Jet pilots are available in the market. "They are in the dark", Paradkar said.

While the lenders are reasonably hopeful of a successful for auctioning process says sources, banks are working on plan B in case things don't get progress as expected if the bidding process fails lenders would favor a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said recovery on the basis of existing security and tangible assets would be preferred option they added.

In a bid to provide some relief to the passengers hit by Jet Airways crisis, an application has been moved in Delhi High Court seeking direction to the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation to ensure prompt resolution of all the affected Jet Airways passengers.

The Gurugram-based no-frills airline has already announced induction of 27 more planes -22 Boeing 737s and five turboprop Bombardier Q400s - in the fleet to help overcome to an extent the capacity deficit due to Jet Airways temporarily withdrawing its domestic and global services.

(SBI) on behalf of a consortium of Indian lenders informed that they were unable to consider its request for critical interim funding.

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