Logistics

Resolution professional rejects claims of Goyal, Etihad over Jet Airways

Forum Gandhi Mumbai | Updated on July 18, 2019 Published on July 18, 2019

Jet Airways’ interim resolution professional (IRP) has rejected claims of ₹229 crore by Naresh Goyal’s Jet Air Pvt Ltd and ₹1,043 crore from Etihad Airways.

Ashish Chhawchharia, the IRP on Thursday declared the list of claims received. In total, the IRP received 16,643 claims worth ₹ 24,888 crore from financial, operational and other creditors.

So far, only claims of 33 financial creditors worth ₹8,463 crore have been admitted.

Chhawchharia in a letter said: “The amount admitted in a few cases may undergo changes once clarifications requested from certain creditors are received and for further claims that may be received. An updated list of creditors will be issued on a periodic basis.”

The insolvency case against Jet was admitted by the Mumbai Bench of NCLT on June 20.

Of 37 claims received in ‘financial creditors’ category, 33 were accepted. This included claims from 13 domestic (₹6,436.11 crore) and 12 foreign (₹1568.25 crore) banks. The claims under the category included those from eight lessors worth ₹458.41 crore and claims in ‘others’ category worth ₹330.79 crore.

Jet had a loan book of approximately ₹8,500 crore from a consortium of banks, led by the State Bank of India which had an exposure of ₹1,644.03 crore along with loans from Yes Bank and HSBC Middle East of over ₹1,000 crore respectively.

Punjab National Bank also admitted claims worth ₹963 crore followed by IDBI Bank Ltd, Canara Bank and ICICI Bank Ltd, all whose claims are all worth over ₹500 crore.

Among the claims from banks and lessors, the IRP also received a‘fixed deposit’ claim from Jet Air of ₹229.42 crore. The IRP rejected the claim in full. Goyal held 51 per cent stake in the company along with Abu Dhabi-based Etihad.

Employees’ claims

Besides the claims from financial creditors, the IRP is evaluating claims from operational creditors, including workmen, other employees and their authorised representatives.

According to the list of claims report, 11,965 claims of approximately were ₹735.23 crore were received, of which claims worth ₹11.16 lakh were rejected.

Claims from employees and workmen are for ₹4,43,57 crore.

Jet received 2,493 claims from operational creditors worth ₹12,373 crore. This includes claims from Jet Airways LlC of ₹426.32 crore and Jet Privilege Pvt Ltd worth ₹951.14 crore. Jet also had claims from ₹584.86 crore worth claims by International Air Transport Limited, the IRCTC (₹29.50 crore), Air India Ltd (₹189 crore).

The IRP also received 121 claims from other creditors worth ₹1,105.23 crore, of which a claim of Etihad worth ₹1,043.46 crore was rejected.

Published on July 18, 2019
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