Mumbai: Housing Development Finance Corp Ltd (HDFC) has moved a plea before the National Company Law Tribunal seeking the three floors of Jet Airways India Ltd's building in Mumbai, which were mortgaged in the lender's favour, be removed from the airline's resolution process.
The property in question is located at Bandra Kurla Complex in Mumbai and is spread across 52,700 sq ft. Typically, lenders are likely to receive smaller amount on pro-rata basis through a resolution process as compared to sale of the assets mortgaged to them.
The tribunal will hear HDFC's plea on Friday, along with the main petition. Last month, the tribunal had admitted State Bank of India's insolvency plea against Jet Air and had asked the resolution professional to submit a progress report by July 5.
The tribunal, while terming the resolution process of the airline of national importance, had also directed the resolution professional to try and complete the process in three months as against the 270-day regular deadline.
The resolution professional had asked Jet Air employees to file their claims by today. Meanwhile, Jet Air employees, along with London-based AdiGro Aviation, may propose to take over the now-grounded airline.
Other than the employees, Tata Group and Qatar Airways are also interested in acquiring the airline. Jet Airways is the first airline against which bankruptcy process has been initiated under the Insolvency and Bankruptcy Code, 2016.
Jet Airways has come under insolvency process after months of negotiations with several investors to revive the beleaguered airline outside the formal process failed.
Jet Air owes around 80 bln rupees to consortium of banks led by SBI. At 1221 IST, shares of Housing Development Finance Corp traded 0.4% lower at Rs 2,267.95 on the NSE, while those of Jet Airways India were 4.9% lower at Rs 65.50.
