NCLT Appoints Liquidator of Jet Airways (India) Limited [Read Order]
It was submitted by the State Bank of India that Mr. Satish Kumar Gupta, has given his written consent to act as the Liquidator of the Corporate Debtor, viz. Jet Airways India Limited
NCLT – National Company Law Tribunal – Jet Airways – NCLT appoints Jet Airways liquidator – TAXSCAN
NCLT – National Company Law Tribunal – Jet Airways – NCLT appoints Jet Airways liquidator – TAXSCAN
In a recent case, the National Company Law Tribunal ( NCLT ) appointed Mr. Satish Kumar Gupta, having Registration No. IBBI/IPA001/IP-P00023/2016-17/10056 as Liquidator of Jet Airways India Limited.
The State Bank Of India, applicant filed application for fixing liquidator under section 60(5) & 7 of the Insolvency and Bankruptcy Code, 2016. The matter was for taking on record the Consent of the Liquidator to be appointed in the case of the Corporate Debtor, viz. Jet Airways India Limited, in view of the order passed by the Supreme Court.
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The Supreme Court after hearing the Parties disposed of the Civil Appeal Nos. 5023-5024 of 2024 filed by State Bank of India on 07.11.2024, wherein direction is given to this Tribunal to take steps to appoint Liquidator.
It was concluded that the impugned order passed by the NCLAT is perverse and unsustainable in law. It has led to further complications. As a result, the appeals succeed and are allowed. The impugned order passed by the NCLAT is set aside.
Since the Resolution Plan was duly approved by the NCLAT and there being no progress worth the name, we are left with no other option but to invoke our jurisdiction under Article 142 of the Constitution and direct that the Corporate Debtor be taken in Liquidation. The NCLT, Mumbai shall now take appropriate steps for appointment of liquidator and all other necessary formalities for commencement of liquidation of the corporate debtor.
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It was submitted by the State Bank of India that Mr. Satish Kumar Gupta, has given his written consent to act as the Liquidator of the Corporate Debtor, viz. Jet Airways India Limited.
The Corporate Debtor, Jet Airways India Limited, shall be liquidated in the manner as laid down in Chapter-III of the Insolvency and Bankruptcy Code, 2016. Mr. Satish Kumar Gupta, having Registration No. IBBI/IPA001/IP-P00023/2016-17/10056 is appointed as Liquidator of Jet Airways India Limited. It was held that the liquidator shall issue public announcement stating that Corporate
Debtor is in liquidation.
The Liquidator shall endeavour to sale the Company as a going concern during the liquidation in terms of Regulation 32A of the Liquidation Process Regulations. In case he is not able to do so within a period of 90 days from this date, he shall proceed in accordance with clauses (a) to (d) of Regulation 32 of the Liquidation Process Regulations.
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A two member bench of Prabhat Kumar, Member ( Technical ) And Justice Virendrasingh Bisht, Member ( Judicial ) allowed the Interlocutory Application that Jet Airways (India) Pvt. Ltd., be liquidated, since, the Respondents are admittedly in gross violation of the approved Resolution Plan, and in any case, are admittedly unable to abide by the said Resolution Plan.
To Read the full text of the Order CLICK HERE
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