Pay up, MMRDA tells Jet, Starlite

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) recently gave Jet Airways and Starlite Systems time till September-end to pay their dues amounting to over Rs1,300 crore, for the three plots they purchased at Bandra-Kurla Complex (BKC).
Both Starlite and Jet have sought a staggered payment option from MMRDA for their bid amounts, citing the slowdown in the Mumbai realty market. After a long wait, MMRDA granted the extension till September 30. The authority has extended the date four times since 2008.
Senior MMRDA officials said that if the two companies fail to meet this deadline, they would forfeit their security deposits. In March 2008, Jet Airways was the sole and winning bidder for a 65,348 sq ft (1.5 acre) commercial plot at BKC at Rs826 crore.
01/09/09 Rajshri Mehta/Daily News & Analysis

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Categories: Jet Airways Sep 2009