More exits at Jet as relaunch of airline faces uncertainties | Mint
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Business News/ Companies / News/  More exits at Jet as relaunch of airline faces uncertainties
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More exits at Jet as relaunch of airline faces uncertainties

Nakul Tuteja, who joined 10 months ago as vice president, human resources and administration, Jet Airways, resigned recently.

On 18 November, Jet’s winning bidder said it was restructuring salaries to increase cash flows amid a protracted legal battle which is threatening to delay the resumption of operations of the grounded carrier. (Mint)Premium
On 18 November, Jet’s winning bidder said it was restructuring salaries to increase cash flows amid a protracted legal battle which is threatening to delay the resumption of operations of the grounded carrier. (Mint)

NEW DELHI : A few senior Jet Airways executives have resigned due to the uncertainties surrounding the launch of Jet 2.0, two executives said. Nakul Tuteja, who joined 10 months ago as vice president, human resources and administration, Jet Airways, resigned recently. An HR industry veteran of 25 years, Tuteja joined the airline in February. He had stints in GoAir, IndiGo, Aman Resorts, Infosys BPM, EXL and IBM (Daksh).

Besides, six cabin crew and one pilot have left the airline, leaving the Jet with four pilots and 16 cabin members, one of the executives said seeking anonymity. Exits increased since the Jalan-Kalrock consortium announced temporary cost-cutting measures last month, he added.

H.R. Jagannath, vice president, engineering, Jet, has also moved on after his six-month contract ended with the company in November.

On 18 November, Jet’s winning bidder said it was restructuring salaries to increase cash flows amid a protracted legal battle which is threatening to delay the resumption of operations of the grounded carrier.

Currently, Jet Airways has 210 employees down from 230 until two months back.

However, despite the departures of senior executives, an airline executive seemed to be unfazed. “The airline will ramp up hiring of crew once aircraft order is finalized, and placed. But, for that to happen, there needs to be clarity on whether the conditions have been met for transferring Jet’s ownership to the Jalan-Kalrock consortium. Only then the winning bidder will infuse more funds in the airline," the second official said, also seeking anonymity.

The consortium has deposited 150 crore required under the court-approved resolution plan with the lenders, and the remaining sum will be infused after the NCLT’s terms are fulfilled in terms of handing over the company, the Jalan-Kalrock consortium said in the statement.

On 21 December, the National Company Law Tribunal (NCLT) reserved its order in a petition filed by the JKC consortium claiming to have completed all conditions precedent (CPs) required under its resolution plan. It also sought transfer of ownership of Jet Airways, while the airline’s lenders are of the view that the CPs have not been satisfied by the consortium.

However, several employees are willing to wait till January for some clarity to emerge from the crucial order from the NCLT on relaunching the airline, the first official added.

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Published: 26 Dec 2022, 09:52 PM IST
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