2020 (6) TMI 716

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....S.V. Prakash Kumar, CA-998/2020 1. The Resolution Professional (RP-Ashish Chhawchharia) of Jet Airways (India) Limited ("Corporate Debtor/Jet Airways) has filed this IA 998/2020 for approval of this Tribunal for sale of one of the non-core assets of the Corporate Debtor to clear overseas debt of Jet Airways/ Corporate Debtor to ensure six air crafts are freed from encumbrances so that it would hugely maximize the value of the Corporate Debtor during CIRP period. 2. The Respondent, HDFC Limited (HDFC), in September 2017, advanced INR. 400,00,00,000 (Rupees Four Hundred Crore only) to the Corporate Debtor. In lieu Of this, security interest in a premises owned by the Corporate Debtor on 2nd (part), 3rd and 4th floors of the Jet Airwa....

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....the six aircrafts to the Corporate Debtor. Therefore, upon payment of USD 13 million (approximately 00 crore) to US Exim Bank, the Corporate Debtor would get title to the six aircrafts, which would add around USD 200 million (approximately Rs. 1,400 crore) to the estate of the Corporate Debtor. 5. To achieve the above objective, the Applicant has made multiple attempts to raise finance including the interim finance, but these attempts have not been successful. In such scenario, given the overwhelming benefit to the Corporate Debtor by paying the dues to US Exim and acquiring title to the 6 aircrafts, the applicant says, it is incumbent upon the Applicant and COC to explore other means of raising monies to make payment to US Exim and have....

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....n April 24, 2020, by a vote of 74.45%, the applicant says, the COC has approved the arrangement for sale of the Premises, payment to HDFC of Rs. 360 crore and payment to US Exim to acquire title to the six aircrafts subject to the conditions as set out in the aforesaid resolution. However, this resolution states that it is passed subject to approval of this Tribunal. The arrangement arrived at between HDFC and the COC is beneficial to the Corporate Debtor as well as to all stakeholders and causes no prejudice whatsoever to either the Corporate Debtor or any other stakeholder. It is in these circumstances that the present Application has been filed by the Applicant in discharge of his duties under Section 25(1) of the IBC to preserve and pro....