Jet employee consortium set to bid

A Jet Airways employee consortium and AdiGroup has recently declared a partnership to bid for 75% of the airline through the NCLT process. After the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the SBI on behalf of 26 lenders, the debt-laden company became the first domestic airliner to go into bankruptcy.

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 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.

During a press conference, captain Ashwani Tyagi, one of Jet’s senior-most pilots said the airlines was like a family to him and it was “challenging yet exciting journey to revive Jet Airways.”