The case involves an application filed by the Resolution Professional (RP) of Jet Airways (India) Limited, the Corporate Debtor, seeking approval from the National Company Law Tribunal (NCLT) for the sale of one of its non-core assets, specifically premises located on the 2nd, 3rd, and 4th floors of the Jet Airways Godrej BKC building. This sale is intended to clear overseas debt and free six aircraft from encumbrances, thereby maximizing the value of the Corporate Debtor during the Corporate Insolvency Resolution Process (CIRP). HDFC Limited, a secured creditor, had advanced INR 400 crore to the Corporate Debtor in 2017, secured by a security interest in the aforementioned premises. The RP sought permission for the sale of these premises, as approved by the Committee
…In September 2017, HDFC Limited advanced INR 400 crore to Jet Airways (India) Limited, the Corporate Debtor. As security, a security interest was created in favor of HDFC over premises owned by Jet Airways, specifically the 2nd (part), 3rd, and 4th floors of the Jet Airways Godrej BKC building. These premises are considered a non-core asset and have never been used as part of Jet Airways' airline business. The Resolution Professional (RP) sought permission from the NCLT to sell these premises, based on a resolution passed by the Committee of Creditors (CoC) on April 24, 2020, with 74.45% approval. The sale proceeds are intended to clear residual dues payable to US Exim related to a finance lease on six aircraft and to HDFC for their security interest. US Exim holds a
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HDFC Limited advanced…
Committee of Creditors…
The case involves an application filed by the Resolution Professional (RP) of Jet Airways (India) Limited, the Corporate Debtor, seeking approval from the National Company Law Tribunal (NCLT) for the sale of one of its non-core assets, specifically premises located on the 2nd, 3rd, and 4th floors of the Jet Airways Godrej BKC building. This sale is intended to clear overseas debt and free six aircraft from encumbrances, thereby maximizing the value of the Corporate Debtor during the Corporate Insolvency Resolution Process (CIRP). HDFC Limited, a secured creditor, had advanced INR 400 crore to the Corporate Debtor in 2017, secured by a security interest in the aforementioned premises. The RP sought permission for the sale of these premises, as approved by the Committee
…In September 2017, HDFC Limited advanced INR 400 crore to Jet Airways (India) Limited, the Corporate Debtor. As security, a security interest was created in favor of HDFC over premises owned by Jet Airways, specifically the 2nd (part), 3rd, and 4th floors of the Jet Airways Godrej BKC building. These premises are considered a non-core asset and have never been used as part of Jet Airways' airline business. The Resolution Professional (RP) sought permission from the NCLT to sell these premises, based on a resolution passed by the Committee of Creditors (CoC) on April 24, 2020, with 74.45% approval. The sale proceeds are intended to clear residual dues payable to US Exim related to a finance lease on six aircraft and to HDFC for their security interest. US Exim holds a
…HDFC Limited advanced…
Committee of Creditors…