Pilots of grounded Jet Airways move SC in search of interim financing from SBI

NEW DELHI: Grounded Pilots Jet Airways Moved The High Council On Tuesday Looking For Direction SBI To Provide The Insured Interim Financing For Restart Operations, The Suspension Of Which Affected The Income Of About 22,000 Employees

The Petition Submitted By National Aviators Guild Has Wanted A Direction To The Center And The Director General Of Civil Aviation (DGCA) To Disallow Slots Or Jet Airways To Other Airlines On A Permanent Basis.

The Plea, Filed By Lawyer Gaurav Agrawal, Has Sought That The Airline Should Not Get Deregistered.

The Distressed Airlines, Which Had 115 Aircraft, Started Suffering Losses And Could Not Pay The Employees From Last December.

The Board Of Directors Of The Company Approved A Plan On March 25 Which Envisaged Infusing Of Rs 1,500 Crore Over A Period Or Time By SBI .

It Said That SBI's Decision Not To Infuse Money Was Responsible For The Operations Of The Airlines And Its Substantial Devaluation.

" The Respondents Have Deliberately Or Otherwise Brought Down The Value Of Jet Airways And As Of Now There Are No Bidders Who Have Submitted The Bid To SBI. Or The Revival Of The Airlines," The Plea Said.

The Said That The Center, DGCA, Airports Authority Of India And Others Have Failed To Appreciate The Value Of Company Which Lies In The Flight Slots And The Seats Available In The International Sector Through Various Bilateral Agreements.

" Despite The Fact That An Expression Of Interest Has Been Invited And Bid To Find A New Buyer Is Underway, The Center And DGCA Have Already Started Allotting Slots Or Jet Airways In Various Airports To Other Airlines Which Has Seriously Undermined The Value Of Company," The Plea Said.

The Petition Said That Such Acts Of The Center And DGCA Were Highly Preliminary To Employees Of The Company Who Have Been Waiting To Get Paid For Five Months And Have Been Looking Forward To The Resolution In Bid Process.

" If The Value Of The Company Is Deliberately Undermined, The Future Of The Employees Would Be At Stake As There Would Be Hardly Any Bidder Who Would Be Willing To Take Up Share In The Company," The Plea Said.