The crisis of Jet Airways has been deepened. The company has only 200 crore rupees for the operation. Apart from this, the company has again defaulted on depositing the loan installment to the banks. There is also a tender open for selling off Jet’s 75% stake.
Aircraft can stand
All aircraft of the company can stand due to non-payment of money. At the same time, due to the cash crunch, the company will not be able to pay its employees on time salaries, airport authorities, oil companies. Apart from this, the loan installment ($ 18 million) taken from City bank to buy a Boeing 777 aircraft has also been deferred this time.
Only 33 crores given by SBI
State Bank of India had paid only 33 crores rupees last Friday. This money only pays off Indian Oil. The consortium of banks has started accepting tenders to buy Jet Airways.
These tenders have been started from 6th April and will run till 10th April. However, the consortium of banks, including SBI, has also prepared a plan B in the event of non-receipt of the buyer. At present, some Indian companies have expressed their desire to buy stakes in foreign companies.
Problems caused due to this
The Supreme Court has canceled the circular issued on 12 February 2018 by the Reserve Bank of India. Now, all banks are having trouble paying money to Jet.
No employee got their salary in March
No employee has got their salary in March. Earlier, pilots, engineers, and other expensive staff did not get salaries for the past several months. The pilots have also refused to fly the aircraft after April 15.
If this thing does not work, there is Plan B
If the bidders did not come to the tender schedule then the banks have also prepared a Plan B. Under this, so much investment will be made in Jet Airways so that it can continue without any problems for the next six months. Simultaneously, Jet Airways will bring the people of the aviation sector on the board. The bank will then work on correcting the company’s condition within a time frame so that there is no problem in operating.
Why is it important for you to know
The Jet Airways situation has been getting tighter on day by day for the past couple of months. Jet Airways currently employs 16,000 employees. The falling condition of the company is also affecting the family of these employees. Along with this, the condition of the company is being monitored by the aviation sector of the country.
At the time of elections, the central government should also save Jet Airways from drowning, because its far-reaching effects can be seen in the future. If you want to know more about Jet Airways, please let us know, we will keep those reports in front of you.
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