Get App
Last Updated : Jul 19, 2019 02:46 PM IST | Source:

Jet Airways NCLT case: Claims worth Rs 25,000 cr sought; Naresh Goyal’s rejected

The RP has received claims worth Rs 24,887 crore, but has admitted just about a third of it.

The resolution professional overseeing the insolvency process of Jet Airways has received claims worth Rs 24,887 crore but has admitted just about a third of it.

Interestingly, claims submitted by JetAir - the privately held company of founder Naresh Goyal - has been rejected. The company, which was general sales agent of Jet Airways, had submitted claims of Rs 229 crore.

These are claims that the RP, Ashish Chhawchharia, had received until July 4. He clarified that the claims will be further updated in intervals of three weeks.


Importantly, and as was reported in Moneycontrol earlier, he hasn't accepted claims submitted by employees of JetLite, the low-cost carrier arm of Jet Airways.

"The CIRP process of only Jet Airways (India) Limited has been initiated, the wholly-owned subsidiaries being a separate legal entity is outside the purview of the process and hence only the claims pertaining to Jet Airways (India) Limited shall be considered," the RP said.

The notice follows a meeting of Jet Airways lenders earlier this week. The lenders are expected to call for expression of interest (EoI) from interested bidder by early next week.

The lenders had taken the company to the insolvency courts after a bidding process failed to finalised a suitor. While Etihad Airways and the Hinduja Group were in talks, their conditions were not met.

The airline owes banks over Rs 8,000 crore, and its total liabilities are estimated to be about Rs 25,000 crore.

The claims

In total, 16,643 claims have been received till now. Of these, only 33 claims - all belonging to that of financial creditors (banks) - have been admitted. Many of the claims, including that of operational creditors and Jet Airways employees, are still being verified.

Claims amounting to Rs 1,380 crore have been rejected. And that of Rs 15,044 crore is still being verified.

Employees of Jet Airways, including 'authorised representatives,' have submitted claims totalling over Rs 1,000 crore.

Chhawchharia stated that some of the claims may be duplicated, and these are being verified.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jul 18, 2019 06:54 pm
Follow us on
Available On