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Jet Airways RP Gets Claims Worth Rs 24,887 Cr; Rejects Rs 229 Cr Claim From JetAir

After 4 rounds of hearing, NCLT has asked the RP to file periodic reports on the development in the resolution process.

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The resolution professional of the bankrupt Jet Airways on Thursday said he has received claims worth Rs 24,887 crore in 16,643 claims, including Rs 8,462 crore by financial creditors, against the company.

Significantly, the RP 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.

After 25 years of flying, Jet Airways was grounded on April 17, leaving a mountain of debt in unpaid dues to the employees, vendors and the lenders.

The lenders, who control 50 per cent ownership of the airline, after failing to get a buyer, was forced to sent it for bankruptcy on June 17, and on the 20th of the month the Mumbai NCLT admitted the plea.

After four rounds of hearing, wherein NCLT has asked the RP to file periodic reports on the development in the resolution process citing the case is of "national importance," the tribunal will resume hearing Friday--a day when the banks hope to finalise the expressions of interest to sell the remaining meager assets of Jet in full or in parts.

Under the bankruptcy laws, admitting claims does not mean they get all the money claimed, rather the payout depends on the bid amount from an interested party that is first accepted by the secured creditors who have the upper hand in any resolution process and approved by the NCLT.

According to a statement on the airline's website, the RP--Ashish Chhawchharia from the advisory firm Grant Thornton-- said he has received claims worth Rs 24,887 crore in 16,643 claims.

Financial creditors, who also include banks, have made 37 claims worth Rs 10,231 crore as of July 4, he 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 RP said. State Bank of India, the lead bank in the consortium, made a claim of Rs 1,644 crore, including cash credit inclusive of interest, term loans and bank guarantees issued but not invoked, it said, adding its claims worth Rs 19 crore were rejected.

Private sector lender Yes Bank has made a claim of Rs 1,084 crore, followed by Punjab National Bank's Rs 963 crore and IDBI Bank's Rs 594 crore. The claims of the financial creditors are the only ones which have been admitted as of now, he said, adding claims worth Rs 337 crore from financial creditors have been rejected, while claims worth Rs 1,431 crore have been classified as "under verification".

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.  


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