Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. 1 private airline’s return to the skies, according to people familiar with the matter and email communications seen by Bloomberg News.
The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter.
Banks, led by State Bank of India, say Jet Airways’ new buyers — Dubai-based businessman Murari Lal Jalan and Florian Fritsch, chairman of London-based Kalrock Capital Management Ltd. — should pay an additional 2.5 billion rupees ($30.1 million) into the retirement kitty, the people said, an ask supported by the email exchanges reviewed by Bloomberg.
