More exits at Jet as airline’s relaunch faces uncertainties; details here

Several senior executives of Jet Airways have resigned because of the uncertainties around the launch of Jet 2.0, according to a Mint report. The exits have increased since Jet’s winning bidder, the Jalan-Kalrock consortium, notified temporary cost-cutting measures last month, as per sources. Nakul Tuteja has recently exited from Jet Airways. He had joined the airline company 10 months ago as vice president, human resources and administration. Tuteja had previously worked in IndiGo, Aman Resorts, GoAir, Infosys Business Process Management (BPM), EXL, and International Business Machines (IBM) (Daksh). Besides his exit, six cabin crew members and one pilot have also stepped down from their posts at Jet. Now, Jet has four pilots and 16 cabin members, as informed by an executive wanting to remain anonymous told Mint. H.R. Jagannath, vice president, engineering, Jet, also stepped down after the end of his six-month contract with the airline in November. At present, Jet Airways has 210 employees, down from 230 two months ago. Despite the resignations of senior executives, an airline executive said that the “airline will ramp up hiring of crew once aircraft order is finalized, and placed.” He added that for that to happen, there should be a clarity on whether the conditions have been met to transfer Jet’s ownership to the Jalan-Kalrock Consortium. “Only then the winning bidder will infuse more funds in the airline,” the executive added. An amount of Rs 150 crore has been deposited by the consortium under the court-approved resolution plan with the lenders. The remaining amount is going to be added after the National Company Law Tribunal’s (NCLT’s) terms are fulfilled in terms of handing over the firm to the Jalan-Kalrock consortium. The NCLT reserved its order in a petition filed by JKC on 21 December. In the petition, the consortium stated that it had completed all conditions precedent (CPs) needed under its resolution plan. It also sought the transfer of Jet Airways’ ownership. The airline’s lenders believe that the consortium has not fulfilled the CPs. Some employees are waiting till January for some clarity from NCLT on the airline’s relaunch. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .