SBI Moves NCLT Against HDFC’s Claim On Jet Airways’ BKC Property
NCLT has approved Ashish Chhawchharia of Grant Thornton as resolution professional for Jet Airways, which was grounded on April 17. (Photographer: Prashanth Vishwanathan/Bloomberg News)

SBI Moves NCLT Against HDFC’s Claim On Jet Airways’ BKC Property

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State Bank of India on Wednesday moved an intervention application against Housing Development Finance Corporation Ltd.’s plea claiming rights over a portion of Jet Airways (India) Ltd.’s property in Bandra-Kurla Complex, Mumbai.

The National Company Law of Tribunal adjourned the matter for Aug. 8.

On July 4, HDFC moved NCLT seeking to keep Jet Airways’ BKC property out of the bankruptcy process saying three floors of the property are mortgaged with it as collateral for over Rs 400 crore loan.

Meanwhile, NCLT approved Ashish Chhawchharia of Grant Thornton LP as resolution professional for Jet Airways, which was grounded on April 17. Chhawchharia, who got 81 percent votes of the committee of creditors, was the interim resolution professional since June 20, when the airline was admitted for insolvency.

The liabilities and debt of the airline are over Rs 36,000 crore.

On July 18, Chhawchharia had said he received claims worth Rs 24,887 crore in 16,643 claims, including Rs 8,462 crore by financial creditors, against the company as of July 4.

He, however, rejected a claim of Rs 229 crore from JetAir, the privately held company of founder Naresh Goyal, which was the general sales agent of Jet Airways and the holding company the Goyals's stake in the airline.

Financial creditors, who also include banks, have made 37 claims worth Rs 10,231 crore as of July 4, Chhawchharia said. The list of financial creditors, whose claims have been admitted include 14 domestic banks and financial institutions, 12 foreign banks and eight lessors, the resolution professional said.

SBI has made a claim of Rs 1,644 crore, including cash credit inclusive of interest, term loans and bank guarantees issued but not invoked, but its claims worth Rs 19 crore were rejected. Yes Bank Ltd. has claimed Rs 1,084 crore, followed by Punjab National Bank’s Rs 963 crore and IDBI Bank Ltd.'s Rs 594 crore.

Operational creditors, excluding workmen and employees, have made a claim of Rs 12,372 crore, with the entire amount being under verification, while the workmen and employees have made a claim of Rs 443 crore which is also under verification, Chhawchharia said.

Apart from this, authorised representatives of workmen and employees have made 11,965 claims of Rs 735 crore, he said, adding other creditors, including other financial creditors and operational creditors, have made 121 claims amounting to Rs 1,105 crore.

Also read: Office Space Lessor Moves NCLT To Vacate Jet Airways’ Headquarters

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