Jet Airways sells property, acquires aircraft title in insolvency

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AZB & Partners and De Brauw Blackstone Westbroek advised the resolution professional managing the insolvency of Jet Airways when the airline sold two floors of a Mumbai building to a company controlled by Brookfield Asset Management. Khaitan & Co advised Brookfield.

The National Company Law Tribunal (NCLT) had given the go-ahead for the ₹4.9 billion (US$65 million) sale after both HDFC, to which Jet Airways had mortgaged the premises, and the committee of creditors of Jet Airways had approved it. Wadia Ghandy advised HDFC, and Cyril Amarchand Mangaldas advised the committee of creditors.

Jet Airways then made a US$13 million bullet payment to the US Exim Bank to acquire title to six Boeing 777 aircraft. Vedder Price advised the bank.

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