Vrihis Properties to take over Jet Airways' BKC office

The proceeds from the sale will be utilised as per the directions of the NCLT

Vrihis Properties, Jet Airways, BKC office, NCLT

Mumbai-based Vrihis Properties has emerged as a successful bidder for the Jet Airways' Bandra Kurla Complex-situated premises in Maharashtra.

The company has decided to accept the offer of the successful bidder for the transfer of the immovable property, at a price of Rs 490 crore.

The proceeds from the sale will be utilised as per the directions of the NCLT.

The successful bidder is not a part of the promoter group of the company or a group company and the proposed transaction will not qualify as a related-party transaction.

The insolvency professional had sought permission of the NCLT for the sale of the premises after a resolution was passed at the 10th committee of creditors (CoC) meeting held on April 24 with approval of 74.45 percent votes.

The immovable property is not a core asset of the company and will not impact its prospects of reviving its aviation business.

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