This case involves an appeal filed by Aircastle (Ireland) Ltd. against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The dispute centers around the ownership and possession of aircraft engines and Auxiliary Power Units (APUs) leased to Jet Airways (India) Limited, the Corporate Debtor, which is undergoing Corporate Insolvency Resolution Process (CIRP). The appellant claims ownership of the engines and APUs based on lease agreements, while the Resolution Professional (RP) of Jet Airways contends that these assets belong to the Corporate Debtor and should be returned. The appeal challenges the NCLT's order that partially allowed the RP's application for the return of the Corporate Debtor's engine and APU, and related usage charges.
Aircastle (Ireland) Ltd. (Appellant), formerly known as Klaatu Aircraft Leasing (Ireland) Ltd., leased aircraft to Jet Airways (India) Limited (Corporate Debtor). Two lease agreements were entered into on 25.06.2015 and 22.12.2016 for Aircraft No. 1 and Aircraft No. 2, respectively. Due to defaults in payments, the aircraft were de-registered and repossessed by the Appellant. Upon repossession, it was discovered that the engines and APUs on the aircraft were different from the original ones. The Corporate Debtor was admitted into CIRP on 20.06.2019. The Resolution Professional (Respondent No. 1) requested the Appellant to return the engines and APUs, claiming they belonged to the Corporate Debtor. The Appellant claimed ownership based on the lease agreements, stating
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Appellant entered into a Lease Agreement of…
Appellant entered into another Lease Agreement…
This case involves an appeal filed by Aircastle (Ireland) Ltd. against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The dispute centers around the ownership and possession of aircraft engines and Auxiliary Power Units (APUs) leased to Jet Airways (India) Limited, the Corporate Debtor, which is undergoing Corporate Insolvency Resolution Process (CIRP). The appellant claims ownership of the engines and APUs based on lease agreements, while the Resolution Professional (RP) of Jet Airways contends that these assets belong to the Corporate Debtor and should be returned. The appeal challenges the NCLT's order that partially allowed the RP's application for the return of the Corporate Debtor's engine and APU, and related usage charges.
Aircastle (Ireland) Ltd. (Appellant), formerly known as Klaatu Aircraft Leasing (Ireland) Ltd., leased aircraft to Jet Airways (India) Limited (Corporate Debtor). Two lease agreements were entered into on 25.06.2015 and 22.12.2016 for Aircraft No. 1 and Aircraft No. 2, respectively. Due to defaults in payments, the aircraft were de-registered and repossessed by the Appellant. Upon repossession, it was discovered that the engines and APUs on the aircraft were different from the original ones. The Corporate Debtor was admitted into CIRP on 20.06.2019. The Resolution Professional (Respondent No. 1) requested the Appellant to return the engines and APUs, claiming they belonged to the Corporate Debtor. The Appellant claimed ownership based on the lease agreements, stating
…Appellant entered into a Lease Agreement of…
Appellant entered into another Lease Agreement…