Clear Non-Payment Of PF, Tipping Employees: NCLAT To Jet Airways’ New Owner

Clear Non-Payment Of PF, Tipping Employees: NCLAT To Jet Airways’ New Owner

October 22, 2022: The National Companies Law Appeal Tribunal (NCLAT) ordered the former resolution professional to “calculate the payments to be made to workers and employees one month from today” and communicate the same to the Jalan-Kalrock consortium to make arrangements for payment.

The NCLAT insolvency appeal court asked the Jalan-Kalrock consortium, the new owner of Jet Airways, to settle the unpaid contributions related to the provident fund and the employee gratuity, as admitted by the resolution professional.

The National Companies Law Appeal Tribunal (NCLAT) ordered the former resolution professional to “calculate the payments to be made to workers and employees one month from today” and communicate the same to the Jalan-Kalrock consortium to make arrangements for payment.

The Washington Post previously reported that Musk plans to cut nearly 75% of the company’s 7,500 workers.

The newspaper cited documents and anonymous sources familiar with the deliberations.
Meanwhile, lawyers and bankers for both parties, Musk and Twitter, are busy preparing paperwork for the acquisition deal to be completed before a court-issued deadline of Oct. 28, according to people familiar with the matter. by Bloomberg.

San Francisco-based Twitter and a representative for Musk’s attorney, Alex Spiro, did not immediately respond to messages seeking comment.

While job cuts were expected regardless of the sale, the magnitude of Musk’s planned cuts is far more extreme than anything Twitter has planned.

Musk himself has alluded to the need to remove some of the company’s staff in the past, but hasn’t given a specific number, at least not publicly.

“A 75 percent headcount cut would signal, at least early on, stronger free cash flow and profitability, which would be attractive to investors looking to get into the deal,” said Dan Ives, an analyst at Wedbush. . “That said, you can’t cut your way to growth.”

Ives added that such a drastic reduction in Twitter’s workforce would likely set the company back years.

Experts, nonprofits and even Twitter staff have already warned that withdrawing investments in content moderation and data security could hurt Twitter and its users.

With such a drastic downsizing as Musk may be planning, the platform could quickly become overrun with harmful content and spam, the latter of which Tesla’s CEO himself has said he will address if he becomes an owner of the company.

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