Cargo agent seizes Jet Airways plane in Amsterdam for dues

Mae Love
April 12, 2019

However, the fuel retailer did not divulge details about any payment or assurance made by the cash-strapped airline over due payments.

Cash-starved Jet Airways flew into deeper troubles Wednesday after Indian Oil stopped fuel supplies, a cargo agent seized a Boeing plane in Amsterdam and its lenders extended the deadline for stake sale bids by two more days.

The banks have appointed SBI Capital Markets to assist them in the formulation of a resolution plan, which includes undertaking a competitive bidding process. According to Times of India, Pilots have served a legal notice to the airline over the last three months' salary dues and have threatened to go on strike from next Monday. "Supply that was stopped at 3 p.m. was resumed at around 9 p.m. after some payments were made, ending the six-hour stoppage", an International Olympic Committee official said. Meanwhile, several aircraft lessors asked the Doctorate General of Civil Aviation (DGCA), India's aviation regulatory agency, to de-register planes from Jet Airways name.

Jet Airways issued the following statement: "Jet Airways' flight 9W 231 AMS BOM of April 10 2019, has been delayed due to operational reasons".

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Due to cash crunch, the airline has been paying only part salaries to its over 16,000 employees which forced a section of its pilots on Tuesday sending a legal notice to the management which is now being headed by the lenders led by State Bank of India. However, the report said that other fuel firms are still supplying the airline.

Once a plane is de-registered, the lessor can take it out of the country and lease it to other airlines.

According to bankers, the Supreme Court decision to strike down the Reserve Bank of India's (RBI's) February 12 circular meant that lenders could not acquire control by converting one rupee of debt into 50% equity. The airline had also taken Board approval to convert11.4 lakh shares at Re 1, and then infuse Rs 15,00 crore funding. "The airline will further update guests with revised timings", it said, reported ANI. Abu Dhabi-based Etihad agreed to exit from the ailing airline in stages.

"We have cancelled all long-haul west-bound worldwide flights from India from tonight until tomorrow (Friday) morning", a Jet Airways spokesperson told AFP late on Thursday. Lenders are now saying that all options are open.

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