An association representing Jet Airways pilots has filed a writ petition in the Supreme Court to direct State Bank of India to release interim funding of Rs. 1,500 crore in a bid to pay salaries and keep the company afloat until a new investor takes over.
The appeal, filed by the National Aviator’s Guild (NAG), has raised questions on why the bank did not go through with the funding as notified by the company to the stock exchanges on March 25.
It has also raised questions on other actions including de-registration of aircraft and allotment of Jet’s slots to other airlines. These actions, ahead of the bidding process to identify a new investor, may have destroyed the value of the company, the NAG alleged.
