Jet Airways has signed an agreement with Parthos Properties to transfer the office space lease.
The lease transfer deal is subject to approval from the Mumbai Metropolitan Region Development Authority.
Jet Airways has signed an agreement with Parthos Properties to transfer the lease of its office space in Mumbai for ₹370 crore. The financially troubled airline’s lease transfer deal is subject to approval from the Mumbai Metropolitan Region Development Authority. The Jet Airways proposed deal is being conducted under the provisions of the Insolvency and Bankruptcy Code and Liquidation Regulations. The development has come around a time when the airline is undergoing liquidation following the Supreme Court of India’s order in November last year.
“The company has executed the deed of assignment and other related documents in order to transfer lease and related rights of the company over leased premises i.e., office No. 201 comprised in the entire 2nd floor of the building situated at C-68, G-Block, Bandra Kurla Complex, CTS No. 4207 Kole Kalyan, Taluka Andheri, Mumbai, subject to approval of Mumbai Metropolitan Region Development Authority,” Jet Airways said in an exchange filing on August 26.
The Naresh Goyal-owned airline had stopped operations in 2019 due to troubled financial health. Jet Airways had around 120 aircraft at the peak of its operational success, but owing to debt woes and unpaid salaries, the number of planes was reduced to 16.
The airline had then gone for the insolvency resolution process, and giants like IndiGo Partners, TPG Capital, National Investment and Infrastructure Fund, Etihad Airways, and Think Equity-Redcliffe Capital had shown interest in acquiring the carrier. Later, the National Company Law Appellate Tribunal (NCLAT) had approved the transfer of ownership rights to a consortium of the United Kingdom’s Kalrock Capital and United Arab Emirates-based entrepreneur Murari Lal Jalan.
The lenders, led by the State Bank of India, however, had contested that the Jalan-Kalrock-led consortium failed to meet the terms for the acquisition of the airline.
Later in 2024, the SC ordered the liquidation of the airline, citing the consortium’s failure to implement the resolution plan even after five years of approval.
