IDBI Bank may again try to auction Jayaswal's jet
Nagpur: IDBI Bank is expected to make another attempt to sell off Manoj Jayaswal's jet — grounded at Nagpur airport since 2018 — to recover its dues. A valuer from the court receiver, along with a team of valuers, is expected to reach Nagpur to inspect the plane on Saturday.
This is the first step before proceeding with bids again, said sources.Jayaswal, who headed the Abhijeet Group, was in the news for failed bank loans. A decade ago, the Rs 12,000 crore loan default was comparable to that owed by Nirav Modi or Vijay Mallya. Jayaswal, who bought a Rs 130 crore 10-seater Bombardier in 2011-12, was the second to buy a private jet of this make after Gautam Adani. IDBI Bank funded the aircraft purchase, which was made in the name of Abhijeet Projects Limited, later renamed Pathbreaking Project. The bank went to the Debt Recovery Tribunal (DRT) and secured an order to sell off the plane, said sources involved in the process.Meanwhile, the company also defaulted on paying parking charges to the airport. The dues to date have come to over Rs 6.5 crore. Nagpur airport operator Mihan India Limited (MIL) has stopped accounting for the amount as receivable. However, it has also put a condition that it would not hand over possession of the aircraft to the buyer unless its dues are cleared. The plane, which was earlier obstructing the operational area of the airport, has been towed away to one side, said an airport official.The bank made earlier attempts to sell off the plane but failed even after lowering the bids. The last notice was issued in 2022 with a reserve price of Rs 45 crore. The plane cost around Rs 130 crore, and IDBI Bank has an exposure of Rs 90 crore in the deal. Now, as the valuers are coming down for an inspection, a fresh round of auction is expected, said sources.Jayaswal's plane was grounded as the company did not carry out the mandatory maintenance to keep it flyworthy. The plane remained at the airport, and eventually, the parking dues were adjusted against the security deposit it furnished, which soon exhausted.
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