With no light to be seen in the never ending tunnel of turbulence for the beleaguered airline, with no takers on sight, the employees union announced their bid for the airline in partnership with one Adigroup in the NCLT chapter at Mumbai.
- The airline owes close to 1.1 Billion US$ to the Indian financial institutions and arrears to various service providers.
- Airline remain grounded since February 2019 for want of liquid funds for the daily operations.
- after many efforts to find a suitor, that satisfied the lenders, who took over the airline from the founder in January, they damned the Airline to the resolution process at Bombay chapter of NCLT.
Announcing the development in a press conference, Capt. Ashwani Tyagi- Boeing 777 commander who worked for the airline for 18 years, said that the Employee consortium in partnership with Adi Group will bid for 75% of airline in the resolution bid at NCLT, that leaves scope for the remaining 25% to be picked up by future strategic investor.