HDFC moves NCLT to keep Jet's office out of insolvency proceedings

Housing Development Finance Corporation (HDFC) has moved the National Company Law Tribunal (NCLT) seeking to keep Jet Airways office in Bandra Kurla Complex out of the bankruptcy proceedings, as it had been mortgaged by Jet for a loan of Rs 400 crore from HDFC.  

Three floors of the office have been mortgaged by the beleaguered airlines. The tribunal will hear the matter of HDFC with the main petition on July 5. 

The tribunal had declared a moratorium on recovery of dues from Jet when the insolvency petition against Jet was admitted. The interim Resolution Professional will also present the first progress report of Jet’s corporate insolvency resolution process (CIRP) to the tribunal on July 5. 

The tribunal has asked the interim RP to submit fortnightly progress report on the CIRP process of Jet.