Mortgage lender HDFC has a security interest over the same property as Jet Airways
had borrowed more than Rs 400 crore from the lender as term loan keeping the property as collateral, which it has failed to repay. Interestingly, the mortgage lender in May 2019, put up the same property for sale due to failure on the part of the airline company to repay the debt. This was prior to Jet being brought under insolvency proceedings. Jet was admitted under insolvency proceedings in June 2019.
As far as the resolution process is concerned, four of the 12 expressions of interest (EoIs) submitted for Jet Airways in the fourth round have made the cut, based on the bid criteria set by lenders and the resolution professional’s team. According to people in the know, UK-based Kalrock Capital, Canadian entrepreneur Sivakumar Rasiah, Abu Dhabi-based Imperial Capital Investments, and Alpha Aviation have been shortlisted.
This is a provisional list, and the final one set was supposed to be issued on June 10. But so far, the final list has not been issued by the RP. Post the issuance of final list, shortlisted entities will then be asked to come up with a resolution plan by July 10. The RP will present the resolution plan, if any, to the adjudicating authority on July 23.
As of March, over 20,000 claims had been made totaling Rs 37,000 crore. Workmen and employees have claimed more than Rs 1,400 crore, while financial creditors have claimed over Rs 11,000 crore from the defunct airline.