Jet Airways Secures ₹370.25 Crore Deal for BKC Office Lease Rights
Jet Airways, currently under liquidation, has transferred the lease rights of its Mumbai office in Bandra Kurla Complex to Parthos Properties Private Limited for ₹370.25 crore. The deal involves a 52,202 square meter office space on the 2nd floor of Building C-68, G-Block. This transaction, part of the airline's liquidation process under the Insolvency and Bankruptcy Code, is subject to approval from the Mumbai Metropolitan Region Development Authority. Jet Airways has disclosed the transaction details to stock exchanges as per SEBI regulations.
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Jet Airways, the once-prominent Indian airline currently undergoing liquidation, has made a significant move in its asset management strategy. The company has executed a deed of assignment to transfer the lease rights of its office in Mumbai's Bandra Kurla Complex (BKC) to Parthos Properties Private Limited for a substantial sum of ₹370.25 crore.
Key Details of the Transaction
| Detail | Information |
|---|---|
| Transferee | Parthos Properties Private Limited |
| Property | Office No. 201, entire 2nd Floor, Building C-68, G-Block, Bandra Kurla Complex |
| Area | 52,202 square meters |
| Transaction Value | ₹370.25 crore |
Nature of the Deal
The transaction involves the transfer of leasing rights rather than outright ownership of the property. This distinction is crucial as it underscores the complexities of asset management for companies in liquidation. The deal is subject to final approval from the Mumbai Metropolitan Region Development Authority (MMRDA), adding a layer of regulatory oversight to the process.
Liquidation Context
Jet Airways' Chief Financial Officer, Ramesh Sundaram, clarified that this sale was conducted under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations. This information provides important context, highlighting that the transaction is part of the airline's ongoing liquidation process.
Regulatory Compliance
The company has adhered to regulatory requirements by disclosing the transaction details to the stock exchanges, as mandated by the Securities and Exchange Board of India (SEBI) under Regulation 30 of the Listing Obligations and Disclosure Requirements (LODR).
Transaction Specifics
- The deal is not classified as a related party transaction.
- Parthos Properties Private Limited is not related to Jet Airways' promoter, promoter group, or group companies.
- The transaction does not involve the issuance of shares or any special rights such as board appointments or changes in capital structure.
This strategic move by Jet Airways to monetize its lease rights represents a significant step in the company's liquidation process. As the airline continues to navigate through its financial challenges, such transactions may play a crucial role in settling outstanding liabilities and maximizing value for creditors.
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