Two Creditors File Separate Insolvency Pleas Against Jet Airways At National Company Law Tribunal To Recover Dues
[ By Bobby Anthony ]Two operational creditors of the Naresh Goyal-founded Jet Airways, namely Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd, have filed two separate insolvency pleas against the airline, at the National Company Law Tribunal (NCLT), to recover their outstanding dues.The tribunal has adjourned the matter to June 13 and asked creditors to serve notices to Jet Airways...
Two operational creditors of the Naresh Goyal-founded Jet Airways, namely Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd, have filed two separate insolvency pleas against the airline, at the National Company Law Tribunal (NCLT), to recover their outstanding dues.
The tribunal has adjourned the matter to June 13 and asked creditors to serve notices to Jet Airways for dues.
One of the creditors, Shaman Wheels is a Mumbai-based truck dealership, while the other creditor is Gaggar Enterprises, which is an Ahmedabad-based mineral producer, as per details posted at the Ministry of Corporate Affairs (MCA) website.
Shaman Wheels, which happens to a vendor of trucks and trailers for the beleaguered airline, has dues of Rs 6.28 crore pending from Jet Airways, while the amount owed to Gaggar Enterprises which had sold packaged drinking water to the airline is not known.
Incidentally, lenders to Jet Airways led by the State Bank of India (SBI) have claimed a large chunk of the airline’s total liabilities, including unpaid salaries and vendor dues, of nearly Rs 15,000 crore.
However, since Jet Airways has been referred to the NCLT under bankruptcy resolution, lenders may recover only a fraction of the Rs 8,400 crore, the airline owes them.
As a matter of fact, from the beginning of this year, lenders have been trying to resolve the insolvency crisis at Jet Airways outside the NCLT, due to fear of little or no recovery.
It is under the bank-led resolution process that Etihad Airways had agreed to invest in the airline, provided it is a minority investor.
It was reported on May 27 that lenders would take a final decision on the fate of Jet Airways during the next two weeks even as they seek a new domestic investor before taking up the last option of a bankruptcy filing.
The airline was grounded on April 17 after it failed to repay its creditors and was not able to meet its operational costs due to lack of funds.