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Jet Airways starts sifting claims

IRP has so far admitted claims of Rs 8,463 crore, which are entirely from the financial creditors

  • Published 19.07.19, 1:12 AM
  • Updated 19.07.19, 1:12 AM
  • 2 mins read
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The Jet Airways stock closed 4.9 per cent down at Rs 45.60 on the BSE on Thursday. iStock

The interim resolution professional (IRP) for Jet Airways has so far received claims of around Rs 25,000 crore from its financial and operational creditors, including employees and others.

Of this, the IRP has so far admitted claims of Rs 8,463 crore, which are entirely from the financial creditors, while more than Rs 15,000-crore claims are under verification.

The IRP and Ashish Chhawchharia of Grant Thornton had earlier asked the creditors to submit their claims before July 4.

However, certain categories of people such as employees/workmen or those seeking refunds of their tickets can submit their claims before August 2.

The first list of creditors was announced on July 4, which will be updated in three weeks beginning Thursday. The IRP has given an option

to the employees of the airline to either file the claim individually or through an authorised representative.

The IRP has received claims of Rs 10,231 crore from 37 financial creditors that include domestic banks and institutions, foreign banks, lessors and others. It admitted claims of Rs 8,463 crore.

The share of domestic banks stands at Rs 6,436 crore, while that of lessors is Rs 458 crore. State Bank of India, Yes Bank, Punjab National Bank, Canara Bank, and ICICI Bank are some of the lenders that figure on this list. Of this, the largest claim of Rs 1,644 crore was made by the SBI.

In the case of operational creditors (other than workmen and employees), the amount of claims received stood at Rs 12,372 crore (across 2,493 claims), of which the entire sum is under verification. The IRP has received 2,027 claims from workmen and employees amounting to over Rs 443 crore, which is also being vetted.

The IRP rejected claims worth Rs 11 lakh from the authorised representative of the workmen and employees, while another Rs 735 crore is being verified. Similarly, the amount that is being verified from other creditors stands at Rs 62 crore, while claims worth Rs 1,043 crore were rejected.

On Tuesday, the lenders of Jet Airways held their first meeting and decided to call for expressions of interest (EoI) from interested parties for the airline. This is likely to be done either by the end of this week or early next week.

The airline’s assets reportedly include 14 aircraft, including 10 Boeing planes (down from 124 before the grounding), a 49 per cent stake in Jet Privilege and a few buildings.

The Jet Airways stock closed 4.9 per cent down at Rs 45.60 on the BSE on Thursday.

GoAir flights

GoAir on Thursday announced it would start 12 flights on the international sector connecting India with cities such as Bangkok and Dubai.

The low-cost carrier said it would start 16 domestic flights, too, that will connect Hyderabad with eight cities across India.

“We will be launching three new destinations namely Bangkok, Kuwait and Dubai. We would also be adding (flights) to our existing destinations of Abu Dhabi and Muscat,” Arjun Dasgupta, vice-president of international operations, GoAir, said.

GoAir’s flights to Dubai, Bangkok and Kuwait will use the slots previously occupied by Jet Airways.