Goyal ‘deeply distressed’ over banks decision

Goyal ‘deeply distressed’ over banks decision

Agency News

New Delhi, Jun 18 : A day after the SBI-led consortium has decided the saddled airline Jet Airways to take the bankruptcy court to recover their dues, airlines former chairman Naresh Goyal said he felt deeply distressed for its employees who had waited for months for the revival of the carrier.

Mr Goyal said he felt sad and deeply distressed mainly for our loyal employees who have waited months and were anxiously and hopefully awaiting a positive outcome to the bank-led resolution plan. “I can only hope and pray that even now a solution can emerge and Jet can fly and fulfill the needs not only of employees but of air travellers who feel the absence of the Joy of Flying,” he said in a statement here.

Hearing the news that the consortium of 26 bankers led by State Bank of India had decided on Monday to take the airline to the National Company Law Tribunal to recover their dues. The NCLT will hear the matter on Wednesday. Earlier in the day, airline's Independent Director Ashok Chawla and Sharad Sharma have resigned from their post after the Board continued to be in non-compliance with the provisions of the Companies Act.

The Jet Airways has been facing a mountain debt of more than Rs 8,500 crore. The airline had also suspended all flights on April 17 after it ran out of cash to run operations and failed to raise interim loans from banks. A consortium of domestic lenders led by SBI had engaged SBI Caps for sale of the carrier.