Siroya Centre Owners Evict Jet Airways Employees Despite NCLT Moratorium And Puts Up The Property For Lease
[ By Bobby Anthony ]Employees of Jet Airways have been evicted from the defunct airline’s corporate headquarters in suburban Mumbai by its owners who have put up the property for lease, after the airline failed to renew its lease agreement.According to the law, no property or asset of the defunct airline, which is either in custody or is being used by it, can be attached by anyone due to...
Employees of Jet Airways have been evicted from the defunct airline’s corporate headquarters in suburban Mumbai by its owners who have put up the property for lease, after the airline failed to renew its lease agreement.
According to the law, no property or asset of the defunct airline, which is either in custody or is being used by it, can be attached by anyone due to which, the move is likely to attract legal action.
There is a complete moratorium on all claims, proceedings, cases and notices related to Jet Airways under the insolvency proceedings which are on at the National Company Law Tribunal (NCLT) which is India’s bankruptcy court.
Incidentally, a team of insolvency professionals headed by Grant Thornton’s Ashish Chhawchharia had also been working out of the defunct airline’s office space in addition to whatever remains of Jet’s management.
There is every chance that they might either file a police complaint or get a court order as a remedial action to stall their eviction from the premises.
The defunct airline’s corporate headquarters at Siroya Centre is located in the western suburb of Andheri (East). It was leased to the defunct airline has been its headquarters for close to a decade.
The insolvency resolution process started after the National Company Law Tribunal admitted a plea by the defunct airline’s biggest lender State Bank of India about repeated loan repayment defaults.
Jet Airways stopped flying on April 17, after running out of funds to stay afloat and failing to raise cash.