NCLT authorize Jet Airways to sell office in Bandra Kurla Complex

The NCLT has authorized the Jet Airways to sell its premises in Bandra Kurla Complex (BKC) to settle Rs 360 crore dues of mortgage lender HDFC, clear overseas debt and cover corporate insolvency resolution process costs.

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The insolvency skilled had sought permission of the tribunal for the sale of the premises after a decision was handed on the 10th committee of collectors (CoC) assembly held on April 24 with approval of 74.45 per cent votes.

The order additional stated that the US Exim Bank holds a cost over six plane, of which cumulative depreciated worth is over USD 200 million.

The cash-strapped airline, which was grounded in April 2019, owes greater than Rs 8,000 crore to banks, with public sector lenders having vital publicity.

The National Company Law Tribunal (NCLT) Mumbai-bench had on June 20, 2019 admitted the insolvency petition filed by the lenders’ consortium led by State Bank of India towards Jet Airways.

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