While most of its fleet was repossessed, Jet Airways
still has twelve aircraft including Airbus A330, Boeing 737 and Boeing 777 planes. However, the consortium does not plan to use the existing fleet and aims to relaunch the operations with new aircraft.
The tribunal began hearing on the resolution plan from Tuesday. In the first hearing, Kalrock-Jalan consortium disclosed it would pay Rs 1,183 crore to lenders over the next five years. Today, it prayed for airport slots while seeking approval to the resolution plan.
The tribunal is also hearing an application of Sahara Group which is challenging the resolution plan. Sahara Group sold Air Sahara to Jet Airways
in 2007 and two sides are locked in a bitter legal battle over the purchase consideration. The litigation is still pending in the Supreme Court.
The Group has said that its Rs 1,600 crore claim against Jet was secured by a non-disposal undertaking given by Jet over a 750,000 square feet property in Bandra Kurla complex area of Mumbai.
Ashish Chhawchharia, the resolution professional, has opposed Group's plea arguing that it is not a secured creditor under the provisions of the insolvency and bankruptcy code. "
The resolution professional has filed its reply challenging the Sahara group application, " a person aware of the matter said.
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