New Delhi: At least 95% of Jet Airways-I employees need to choose the support of the package offered to them in the Road-Kalrock Resurrection plan approved by NCLT for airlines or losing the same thing.
Form five pages have been sent to employees who describe what they have the right to – including cash payments of RS 11,000 to RS 22,800 for each Jet-1 employee – and they must choose from Monday (July 5) to August 4.
, 2021, “to ensure approval or rejection of the consortium proposal.” “The consortium proposal (for Jet-I employees) is only valid if at least 95% of employees and workers choose Jet-1 support it,” he said.
Plans for revival seeing everyone, employees and financial creditors including, taking large haircuts.
For example, financial creditors jet raises a total claim of Rs 7,808 Crore and the consortium has proposed to pay RS 385 Crore to them – 95% less.
For employees, Consortia offers include welfare trust; 0.5% of equity stake in Jet-II which is estimated to have an assessment of Rs 183 Crore in the five years of operation and can be sold to raise funds; RS 11,000-22,800 cash payments and telephone / iPad / laptop from existing IT assets from Jet-1 for each Jet-i employee.
About free tickets, consortium offers for Jet-I employees include “credit for tickets in the future worth 10,000 for each jet-1 ex-workforce.” While Jet-I employees are not too happy with the offer, it still has to be seen how they choose the plan.
“This is a choice between anything and almost nothing,” said the former pilot jet which is now employed with other airlines.
After securing at least 95% of the nod of employees for their plan, the capital of London-based Kalrock and UAE Murari Lal Street businessman need to instill Rs 600 Crore in the first year.
And RS 175 Crore in the second year through the ECB, followed by another 600 Hospital Crore later.
Overall, SRA has “proposed a total cash infusion of Rs 1,375 Crore,” the National Tribunal (NCLT) Detailed Organization for the planned resurrection of the airline available last Wednesday.
Settlement of claims of this number is made on Jet-I will be limited to Rs 475 Crore.
Despite raising hope for flying flights again, at this time there was no good news for Jet-I employees.
“Corporate Debtor (Jet-i) currently has a large number of employees and workers on his payroll, which is not needed for everyday affairs, professional resolution does not take into account salaries and other benefits because of the employee (estimated at around Rs 715 Crore on September 2020) as The cost of the company’s insolvency resolution process, “order countries.
SRA proposed to maintain 50 employees and workers who formed part of the asset preservation team.