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NCLT allows Jet Airways to sell office in Mumbai

Monday, 15 Jun 2020
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The National Company Law Tribunal (NCLT) has allowed Jet Airways to sell its premises in Bandra Kurla Complex (BKC), Mumbai, Maharashtra to settle Rs 360 crore dues of mortgage lender HDFC, clear overseas debt and cover corporate insolvency resolution process costs.

Jet Airways' insolvency resolution professional Ashish Chhawchharia had moved NCLT to seek approval to sell its third and fourth floor in Godrej BKC building to clear overseas debt to transfer the title of six aircraft under Export-Import Bank of the US to the corporate debtor, which will help in maximising value of the defunct airline.

The insolvency professional had sought permission of the tribunal for the sale of the premises after a resolution was passed at the 10th committee of creditors (CoC) meeting held on 24 April 2020 with approval of 74.45 percent votes.

The Principal Bench of NCLT in its order on 11 June 2020 granted permission to Jet Airways to sell the premises for utilising the proceeds to settle Rs 360 crore dues of HDFC, as against the mortgage lender's claim of Rs 424 crore.

The lenders have kept the reserved price of Rs 490 crore for the property. Auction for the same is expected to take place on 26 June 2020.

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