# In the matter of Jet Airways (India) Limited Vs. State Bank of India & Anr. CA(AT)(Insolvency) 707-2019

> NCLAT judgment dated 4 Sept 2019. Citation: TCN-2019-NCLAT-00308. The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Jet…

- **Court:** NCLAT
- **Order date:** 4 Sept 2019
- **Citation:** TCN-2019-NCLAT-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jet-airways-india-limited-vs-state-bank-of-india-anr-ca-57ba8a1b

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Jet Airways (India) Ltd. The primary issue revolves around the duties of the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP) in collating claims and taking control of assets, particularly those located outside India. Specifically, the Corporate Debtor, Jet Airways, has an 'Offshore Regional Hub / office' in Holland, where separate insolvency proceedings have been initiated, leading to the appointment of an Administrator in Holland. The challenge is how the IRP/RP in India can effectively manage and control these foreign assets and collate claims from offshore creditors, given the ongoing proceedings and the appointment of an Administrator in

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Jet Airways (India) Ltd. As part of this process, the Interim Resolution Professional (IRP) was tasked with collating claims from various creditors, including 'Financial Creditors' and 'Operational Creditors', both domestic and international. This duty is mandated under section 18 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code).

Furthermore, the IRP's responsibilities extend to taking control and custody of all assets owned by the 'Corporate Debtor'. These assets include those recorded in the balance sheet, with information utilities, or in any other registry that records asset ownership, as specified in clause (f) (i) to (vi) of Section 18 of the 'I&B' Code.

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) and Resolution Professional (RP) have the duty to…

**Ratio:** The IRP/RP, under **Section 18** of the IBC, has a statutory duty to collate claims from…

**Reasoning:** The NCLAT reasoned that **Section 18** of the Insolvency & Bankruptcy Code, 2016…

**Interpretation:** The court interpreted **Section 18** broadly to mean that the IRP/RP's…

**Application:** In the context of Jet Airways, the RP is required to collate claims from…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Advocates:** For Appel…; Sumant Batr…; +10 more

## Timeline

- **September 4, 2019 — Order Is…**: NCLAT issues an order regarding the duties of the Interim Resolution Professional (IRP)…
- **September 20, 2019 — Next Hearin…**: The case is posted for 'Orders' on 20th September, 2019 at 12.00 Noon for further…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 18 — Duties of interim resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-18)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/jet-airways-india-limited-vs-state-bank-of-india-anr-ca-57ba8a1b