NCLAT: Jet Airways employees entitled to PF and gratuity payments amid insolvency
The National Company Law Appellate Tribunal (NCLAT) has mandated that Jet Airways staff are entitled to their complete provident fund (PF) and gratuity payments, regardless of the company's insolvency status or the lack of specific accounts for these funds. The tribunal clarified that these mandatory payments are not part of the "liquidation estate" and cannot be shared with financial creditors. Consequently, the NCLAT has rejected the appeals submitted by the State Bank of India (SBI) and other creditors.
by shortkt.com✓