Supreme Court rejects Jet staff plea against sale of Bandra premises; Rs 360 crore proceeds to go to HDFC
The Supreme Court on Friday rejected Jet Airways Aircraft Maintenance and Engineers Welfare Association’s (JAMEWA) appeal against the National Company Law Tribunal’s decision granting approval to the sale of the airline’s premises in Bandra Kurla Complex in Mumbai to settle Rs 360 crore dues of lender HDFC. The lender had claimed that a portion of the office mortgaged to it should not be among the assets being considered for sale as part of the airline’s debt-resolution process.
Jet Airways’ insolvency resolution professional Ashish Chhawchharia had then moved the NCLT to seek approval to sell its third and fourth floor in Godrej BKC building to use proceeds to pay HDFC’s Rs 360 crore dues and to clear overseas debt of Rs 90 crore for transfer the title of six aircraft under Export-Import Bank of the US (another financial creditor) to the corporate debtor, which would help in maximising value of the defunct airline. The Committee of Creditors had last year in April 2020 approved the sale with 74.45% votes.
