SBI moves intervention plea against HDFC claim on Jet Airways BKC building

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Mumbai: State Bank of India, the lead lender to the bankrupt Jet Airways, Wednesday moved an intervention application against mortgage lender HDFC’s plea claiming rights over a portion of the airline’s BKC property. The National Company Law of Tribunal (NCLT) adjourned the matter for August 8.

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

Meanwhile, the tribunal approved Ashish Chhawchharia of Grant Thornton as the resolution professional for Jet Airways which stopped flying since April 17.

Chhawchharia, who got 81 percent votes of the committee of creditors, was the interim RP 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, the RP 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. Significantly, he rejected a claim of Rs 229 crorefrom 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.