Jet Airways had announced to temporarily shut down its operations in the month of April five years ago after flying as a full service airline for 25 years. The airline had taken this step due to cash crunch.
Now after the Supreme Court’s order for liquidation of the airline, the possibility of it flying again has completely ended. In such a situation, let us know which assets of the company are going to be sold.
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These properties will be sold
- The biggest asset the banks have is the eleven Jet Airways planes parked at the airports in Mumbai, Delhi and Hyderabad.
- Six aircraft including three Boeing 777s, two Airbus A330s and one Boeing 737 are parked at the Mumbai airport.
- There are two Boeing 777s and one Boeing 737 at Delhi airport, while there is one Boeing 737 and one Airbus A330 at Hyderabad airport.
- According to banks’ estimates, these aircraft could fetch between ₹1,000 crore and ₹1,500 crore, though the final valuation will be determined by the liquidator.
- Other assets include engines, auxiliary power units (APUs), aircraft parts, and ground equipment such as generators, tow tractors, vehicles, compressors, coaches and trolleys.
- The Jet Airways brand name will also be up for sale. In addition, Jet Airways owns half a floor in a commercial building in Mumbai’s Bandra Kurla Complex, which is valued at ₹245 crore as of June 2019.
- Banks will also get a chance to encash around ₹100 crore deposited in the bank account of Jet Airways.
- In addition, banks have access to direct cash of about ₹350 crore deposited by the Jalan-Kalrock consortium.
- The Supreme Court ordered banks to encash the performance bank guarantee of ₹150 crore given by the Jalan-Kalrock consortium while submitting its resolution plan.
- The apex court also ordered the confiscation of ₹200 crore deposited by the consortium in an escrow account.
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