More than 16,000 claims submitted in Jet Airways insolvency
India’s National Company Law Tribunal says it has received more than 16,000 claims for unpaid dues from bankrupt Jet Airways, totalling about $3.6 billion.
The NCLT’s insolvency administrator has reportedly verified about 37 claims so far for a total of $1.23 billion.
These are from the main financial creditors, which is in line with previously estimated debts.
Eight aircraft leasing firms also had their claims accepted.
There are still claims worth $2.19 billion yet to be verified while claims for more than $200 million were rejected.
Crucially one of those rejected was from Jet Air, a company owned by Jet Airways founder Naresh Goyal.
Jet Air acted as Jet Airways’ general sales agent.
Goyal and other executives have been investigated for possible money laundering tied to the airline’s financial problems.
"Amounts claimed are yet to be verified with the books of accounts. Revision, if any, will be updated post verification," the resolution officer said.
Lenders took Jet Airways to insolvency court after several attempts at finding a majority investor failed.
As well as dozens of vendors, employee groups have made substantial claims for non-payment of wages dating back several months for thousands of former staff.
Jet Airways stopped flying in April after finally running out of cash.
The administrator called for expressions of interest for Jet’s remaining assets, which could ensure banks and other creditors get at least some of their money back.
Its assets include 14 aircraft, some real estate and a 49% stake in loyalty programme JetPrivilege.
Any interested parties are requested to submit bids by August 3.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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