Jet Airways owes employees between Rs 3 lakh and Rs 85 lakh. New owners want to pay Rs 23,000 to each

Defunct airline Jet Airways NSE -5.00 % owes each of its employees anywhere between Rs 3 lakh and Rs 85 lakh as per the claims admitted under the insolvency resolution process. The revival plan, submitted by its new owners Kalrock-Jalan, proposes a payment of about Rs 23,000 to each employee.

Under the resolution plan, which was cleared recently by the National Company Law Tribunal (NCLT), the payment would be made only if 95% of Jet employees give their acceptance to the plan within the next three months. But with no word in the NCLT order even on statutory dues like gratuity and with no clarity on their pending dues, Jet Airways employees have found themselves in a fix.