More Turbulence For Jet Airways With Shrunk Fleet, Tightened Fuel Terms

Jet Airways receives legal notice over unpaid salaries

Jet Airways receives legal notice over unpaid salaries

"Bidders are required to provide the solvency certificate. on their letterhead and certified by managing director/full time director/CEO of the bidder or a person holding an equivalent position in the bidder", SBI Capital Markets said in a separate notice.

Many employees of Jet Airways, including pilots and engineers, have not been paid since December 2018. The supply was cut around 3 pm and restored a few hours later, said ANI. Industry experts say that Jet's valuation would have dropped in recent weeks given that lessors have deregistered some of the grounded planes and the Director General of Civil Aviation has handed over some of the landing slots to rivals after the airline cancelled a large number of flights.

Jet Airways aircrafts are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai.

After the lessor puts forth irrevocable deregistration and export request authorisations, or IDERA, the DGCA checks if the aircraft has any pending dues and if none are found, the de-registration is allowed, PTI said. Further, the lenders stepped in to make some payment in this regard, the sources said. On Wednesday, lessors applied to de-register 13 aircraft of the Boeing 737-700 and 800 series.

As per the DGCA website, the seven de-registered Boeing aircraft belong to Crolly Aviation, Mardal Aviation, Allenwood Aircraft Leasing, Dungarvan Aircraft Leasing, Elphin Aircraft Leasing, Carlow Aircraft Leasing and Ballyhaunis Aircraft Leasing. Requests to de-register 24 more aircraft have been made, the aviation regulator said.

Online platforms to face new 'duty of care' in the UK
The Government is now consulting on some aspects of its proposals, although it appears committed to its basic proposed regime. The new duty is to be set out in new legislation which the government has said it will introduce to address online harms .

According to bankers, the Supreme Court decision to strike down the Reserve Bank of India's (RBI's) February 12 circular meant that lenders could not acquire control by converting one rupee of debt into 50% equity.

"The lenders are now waiting for EoIs from Air Canada and Delta Airlines", the report said quoting the source adding the two carriers may submit their initial bids in the next two days.

Speculation was also rife that the lenders might give more time to the airline's ex-Chairman Naresh Goyal or major equity owner Etihad Airways to participate. Abu Dhabi-based Etihad agreed to exit from the ailing airline in stages.

Jet Airways is grappling with acute financial crunch and the SBI-led consortium of domestic lenders are implementing a debt resolution plan.

However, the names of the investors could not be confirmed the report said, but sources said the EoIs were either "non-serious" or the bidders could not explain how they would recapitalise the crisis-hit Jet Airways, said the report. Banks have kept a deadline of June 30 to offload the stake.

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