NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while hearing a batch of appeals filed against the resolution plan of Jet Airways (India) Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers...
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while hearing a batch of appeals filed against the resolution plan of Jet Airways (India) Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers Welfare Association; Bhartiya Kamgar Sena; and Concor Air, has fixed the next date of hearing as 05.07.2022, with a direction that the implementation of the resolution plan shall abide by the outcome of these appeals. The order was passed on 30.05.2022.
Brief Background
In the matter of State Bank of India v Jet Airways (India) Ltd., C.P.(IB)-2205(MB)/2019, the NCLT Mumbai Bench had admitted the petition filed by State Bank of India for initiating Corporate Insolvency Resolution Process ("CIRP") against Jet Airways (India) Ltd. Subsequently, a resolution plan was submitted by Jalan Kalrock consortium for Jet Airways, which was approved by NCLT Mumbai on 22.06.2021. The effective date of the resolution plan was fixed to 28.05.2022 and implementation had begun.
Several appeals were filed before the NCLAT challenging the order dated 22.06.2021. The Association of Aggrieved Workmen of Jet Airways (India) Ltd. had also filed an appeal challenging the time period of implementation of the resolution plan; non-consideration of the workmen and employees' dues including statutory dues such as gratuity, provident fund, leave encampment et al. Further, the challenge was also made with respect to the amount of workmen dues mentioned in the resolution plan (Rs. 100 Crores approx.).
The NCLAT Bench has fixed the next date of hearing to 05.07.2022 and has directed that the implementation of resolution plan shall abide by the result of these Appeals.
"We fix these Appeals on 05th July, 2022 at 02:00 pm and make it clear that implementation resolution plan shall abide by the result of these Appeals. Mr. Krishnendu Datta, Sr. Advocate submits that Successful Resolution Applicant shall withhold the 'BKC' Property which is valuable property and till the next date, shall not take any steps for alienation of the said property."
The Successful Resolution Applicant has submitted before the NCLAT that it shall not take any steps to alienate the 'Bandra Kurla Complex' Property of Jet Airways, which is valuable property, till the next date of hearing.
Case Title: Association of Aggrieved Workmen of Jet Airways (India) Ltd. v Jet Airways (India) Ltd. & Ors., Company Appeal (AT) (Insolvency) No. 643 of 2021 with connected appeals.
Counsel for Appellants: Sr. Adv. Siddharth Bhatnagar with Mr. Aditya Sidhra and Mr. Swarnendu Chatterjee, Mr Yashwardhan Singh, Advocates.
Counsel for Respondent No. 1 and 3: Sr. Adv. Arun Kathpalia with Mr. Rohan Rajadhyaksha, Ms. Aditi Bhansali, Mr. Nishant Upadhyay, Mr. Madhur Arora, Mr. Dhiraj Kumar Totala, Ms. Trisha Sarkar and Ms. Tanya Chib, Advocates.
Counsel for Respondent No. 2: Mr. Raunak Dhillon, Ms. Isha Malik and Ms. Niharika Shukla, Advocates.
Counsel for Respondent No. 4: Sr. Adv. Krishnendu Datta with Mr. Rajat Sinha, Ms. Pooja Mahajan, Ms. Mahima Singh and Ms. Aveena Shrama, Advocates.