Jet Airways' Mumbai office to be auctioned

Jet Airways has defaulted loan payment of around ₹415 crore and the auction of its office will be initiated with a price of ₹245 crore

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After suspending its flight services, Jet Airways announced the auction of its office at Bandra-Kurla Complex (BKC) amid financial troubles. Housing Development and Financial Corporation Limited (HDFC) will carry out the auction of Jet Airways’ office which is spread across 52,775 sq ft. 

The airlines has defaulted loan payments worth ₹415 crore and the auction of its office will be initiated with a price of ₹245 crore. This comes as a major blow to Jet Airways after its operations were shut down on April 17.  

HDFC issued a notice stating that Jet Airways had loaned ₹414 crore which it failed to repay and HDFC was authorised to get back the money which is due through the sale of borrower’s “immovable property”.

Also Read - Jet Airways Shuts Down Offices In Mumbai And Delhi

Jet Airways is under debt worth ₹8,000 crore and on top of that, Jet Airways chief executive officer Vinay Dubey, Deputy CEO Amit Agarwal and four other senior executives have resigned from the company.  

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