Jet Airways, which closed in April 2019 due to heavy losses and loans, is ready to fly again. The consortium invested Rs 600 crore in the first two years to pay off the transactions In company Proposed to acquire 89.79% stake. According to the deal, employees and workmen will get Rs 113 crore in the first six months.
1,183 crore in the next 5 years
According to the report, the consortium will spend Rs 1,183 crore over the next five years Of payment Proposed. Jet is being bought by a consortium of London-based asset management Calrock Capital and entrepreneur Murari Lal Jalan.
The consortium will invest Rs 280 crore in the company in six months
The company will be given a personal amount of Rs 280 crore for 180 days after the resolution plan is approved by the National Company Law Tribunal i.e. NCLT. Of this, Rs 107 crore will go to financial creditors, Rs 43 crore to CRIP, Rs 113 crore to employees and workers, Rs 9 crore to other creditors and Rs 8 crore to contingency funds.
17 thousand employees were on the road
Jet Airways closed in April 2019 due to heavy losses and loans. At the time, the company’s promoter Naresh Goyal needed Rs 500 crore. But they could not collect this amount. There was a situation where the salaries and other expenses of the employees were not even covered. About 17,000 employees were stranded after Jet Airways closed. Naresh Goyal was then removed from the company’s board by a consortium of banks lending to Jet Airways.