CoC declines to release one month salary to Jet employees

There is no respite for Jet Airways employees as the Committee of Creditors (CoC) expressed inability to infuse interim capital into the debt-strapped airline.

Lenders voted on evaluation criteria for potential bidders as the last date to submit the Expression of Interest (EoI) has been set to August 3.

The National Company Law Tribunal (NCLT) had asked the lenders to consider releasing one month’s salary on a plea from the employees.

“The lenders had empathy towards the employees but the CoC is struggling to meet the costs of the current process. They are unable to infuse future capital till the time the process is through,” said a source close to the development.