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Thursday, 13 June, 2019, 09 : 30 AM [IST]

NSE to remove Jet Airways from daily trading effective June 28

The National Stock Exchange of India (NSE) said on Wednesday that shares of Jet Airways (India) Ltd will be removed from daily trading of futures and options effective 28 June, citing the embattled carrier’s failure to respond to queries about persisting rumours in the market, reports Ashwin Ramarathinam in Mint.

Several people from the top management and board of directors of the carrier, which has not operated a flight since 17 April, have left the company in the past few months, following the departure of Founder and Chairman Naresh Goyal in March.

Lenders to Jet Airways, led by the State Bank of India (SBI), are seeking investors to recover their dues. The airline’s total liability, including unpaid salaries and vendor dues, is nearly INR 15,000 crore. If all else fails, Jet Airways may be referred to the National Company Law Tribunal (NCLT).

However, under bankruptcy resolution, lenders may recover only a fraction of the INR 8,400 crore the airline owes them.

The pilots union of Jet Airways will file a plea against the grounded airline at the NCLT for non-payment of salaries and not providing a provision for gratuity payment to its staff, two senior members of the union said on Tuesday.

The union, the National Aviators Guild (NAG), counted about 1,100 of the airline’s 1,600 pilots as its members before the grounding of the carrier.

Two operational creditors of Jet Airways, Shaman Wheels Pvt. Ltd and Gaggar Enterprises Pvt. Ltd, had on June 10 filed separate insolvency pleas against Jet Airways at NCLT, Mumbai, for recovery of their dues.

Shaman Wheels is motor dealership in Mumbai and Gaggar Enterprises is a mineral producer in Ahmedabad, according to the Ministry of Corporate Affairs website. (Source: Mint)

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