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Jet Airways may sell its Netherlands business to KLM Royal Dutch Airlines outside the insolvency process being undertaken in India.
According to a stock exchange filing, the debt-strapped Jet Airways and the flag carrier of Netherlands have “entered into a conditional sale & purchase agreement” on January 13. According to reports, Jet will sell one aircraft and two erstwhile slots of Jet Airways at the Schiphol airport to KLM Royal Dutch Airlines.
The deal, however, is subject to conditions. The proceeds from the deal will be used to settle debt of entities in Netherlands.
Jet Airways went belly up in April last year after which the company’s lenders dragged it to the insolvency tribunal in Mumbai to recover unpaid dues.
Ashish Chhawchharia, the resolution professional appointed for the insolvency proceedings in India, on Friday informed the exchanges that “it is exploring various options for the company’s resolution and maximizing the value for its stakeholders.”
Alongside the insolvency proceedings that are being carried out in India, the Netherlands court had initiated the insolvency proceedings in the Dutch court where Jet was declared bankrupt in response to a complaint filed by two European creditors.
In April, H Esser Finance Company and Wallenborn Transport had filed a petition citing unpaid claims worth around ₹280 crore.
In order to proceed with the liquidation process, the Committee of Creditors approved the proposed resolution of the business activities of Jet in the Netherlands.
Jet Airways has “entered into a conditional sale & purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13,” Chhawchharia informed the exchanges on Friday.
The potential sale will involve a part of Jet’s business activities and will not impact the shareholding pattern of the company in any manner. The exchange further added that the benefit of the sale will not be bared by the promotor, Naresh Goyal, the promoter company or any other partners.
As on October 20, total claims against Jet stood at ₹36,090 crore, of which the RP has so far admitted over ₹14,640 crore.
South American conglomerate Synergy Group and Delhi-based Prudent ARC have submitted (EoIs) to acquire Jet Airways. Now, all eyes will be on February 8 deadline for the two potential bidders to present their formal resolution plans for the beleaguered airline.
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