Published: Tue, April 23, 2019
Markets | By Otis Pena

Jet Airways’ employees are not ready to let go of the company

Jet Airways’ employees are not ready to let go of the company

As they explore ways to recover debt, lenders of Jet Airways are in a favor of resolution outside which are in the state of being insolvent law framework in case the outgoing bidding process fails to take off says sources where running into debt of more than Rs 8500 crore, Jet Airways has shut down operations temporarily after the lenders decided against extending emergency funds.

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are now on hold.

Citing the example of the government providing financial assistance of Rs 29,000 crore to Air India since it was a state-run company, the Sena said Jet Airways and the now defunct Kingfisher were also Indian companies.

"We are looking at leasing (B737 of Jet Airways) aircraft but there is no firm decision on this issue so far".

The vacant slots will be allocated to other airlines, said Pradeep Singh Kharola, India's aviation secretary, at a press conference in New Delhi.

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A Sri Lankan Police officer inspects a blast spot at the Shangri-la hotel in Colombo , Sri Lanka, April 21, 2019. The attacks have raised fears of a resurgence of the communal violence that has often plagued the island .

"Nasim Zaidi has submitted his resignation as the non-executive non-independent Director of the company with effect from April 21, 2019 due to personal reasons and constraints of time", Jet Airways said in a regulatory filing on Monday.

"Our demand to the government is that it take over Jet Airways and save its staff from getting unemployed", said the Uddhav Thackeray-led party, which is an ally of the BJP at the Centre and in Maharashtra.

Air India Express, which has a fleet of 25 Boeing 737 planes, operates mostly to the Gulf destinations from Kerala and other South Indian airports. Besides, it also operates some flights to these regions from North and Western India as well as on some domestic routes. The airline owns 17 and the rest are on lease. We have about 20 of them already, all from Jet Airways as at present only Jet pilots are available in the market. We will also induct a large number of planes in our fleet soon.

The AIE official, however, ruled out the hiring of first officers at this stage, adding that the airline may look at it if there was any requirement for them in the future.

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