NCLT to hear Jet Airways insolvency case on August 28

Our Bureau Mumbai | Updated on August 28, 2019

NCLT's Mumbai bench will hear Jet Airways insolvency case on August on August 28.

Along with the main case of State Bank of India versus Jet Airways, the bench will hear two other applications filed on behalf of Lucky Star, the licensor of Siroya Centre, the headquarters of Jet Airways and HDFC, to whom the BKC property has been mortgaged.

The owners of Siroya Centre wanted Jet Airways to be evicted out of the said property on account of non payment of dues and the completion of lease period.

According to a source, "the RP has agreed to their terms but they too need to agree to their terms as well. They have have to refund the deposit. They will have to give another office at Star Hub which is in the same vicinity."

The court will also be updated on decisions made during the Committee of Creditors meeting on Monday.

The CoC of Jet Airways had decided to extend the deadline to receive expressions of interest (EoIs) for acquiring the airline to August 31. This had to be done to accommodate a potential EoI from South America’s Synergy Group.

The court had admitted the case on June 20. The bench had directed that since the matter was of national interest the Resolution Professional should look at finding the resolution within 90 days. Usually, the deadline to find a resolution is 180 days.

According to sources, "it's highly unlikely that they will be able to meet the directions."

Possible buyers for Jet Airways

The last date to submit the EoIs was August 10. Panama-based investment firm Avantulo Group, and Russian fund Treasury RA Creator were in the race for the airline.

However, Avantulo Group did not make it to the short-list. RA Creator has not signed a non-disclosure agreement so far although it has submitted documents which were asked for by Ashish Chhawchharia, the RP.

Published on August 28, 2019

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