The committee of creditors of Jet Airways (JAI, Mumbai Int'l) overwhelmingly approved an out-of-court settlement with Luckystar Property Holdings regulating the lease of office space in Siroya Centre in Mumbai, the airline's former headquarters, The Economic Times has reported.

"The committee of creditors of Jet Airways has approved the consent terms with Luckystar Property Holding through a resolution on October 4, where overwhelming 95.5% of lenders were in favour of the settlement and the rest abstained from voting. The lenders have reached an agreement to settle the dispute out-of-court on a commercial basis as Jet can now use its own vacant premises," the counsel for the resolution professional in the court said.

Jet Airways had been leasing space in Siroya Centre for nearly a decade prior to an overnight eviction in late June 2019. The property's owners decided to evict the company after it had failed to renew the lease agreement which expired on June 7. Since then, the office space was subject to legal proceedings in front of the National Company Law Tribunal (NCLT), which supervises Jet Airways' insolvency.

Luckystar said that Jet Airways' documents, computers, and other belongings are still in the Siroya Centre. The real estate owner argued in the court that evicting the airline and removing its belongings from the premises would in no way affect the ongoing insolvency proceedings since the office space was only leased and not an owned asset of the airline.