This case involves an appeal filed by Punjab National Bank (PNB), a financial creditor, against an order dated 22.06.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which approved a resolution plan for Jet Airways (India) Limited. PNB's appeal contests the reduction of its admitted claim by the Resolution Professional (RP) due to the invocation of pledged shares. The RP's decision was based on a prior judgment of the National Company Law Appellate Tribunal (NCLAT) in India Power Corporation Ltd. vs. Meenakshi Energy Ltd., which was subsequently overturned by the Supreme Court in PTC India Financial Services Ltd. vs. Mr. Venkateshwarlu Kari. PNB argues that the RP's reduction of its claim was unjustified and caused prejudice, affecting its
…In 2016-17, Punjab National Bank (PNB) extended loans to Jet Airways (India) Limited, the Corporate Debtor. Jet Airways defaulted on repayment. On March 30, 2019, the Corporate Debtor's promoter executed a Share Pledge Agreement in favor of PNB to secure outstanding dues, pledging 2,95,46,679 equity shares. On June 20, 2019, the Corporate Insolvency Resolution Process (CIRP) commenced under Section 7 of the Insolvency and Bankruptcy Code (IBC) based on an application by State Bank of India. PNB filed a claim of Rs.963.47 crores, later revised to Rs.956.11 crores and then Rs.956.21 crores. The Resolution Professional (RP) admitted Rs.9,562,165,500/-. The RP issued an email on September 19, 2020, stating the claim would be reduced by the fair market value of pledged
…Sign in to view the parties.
Punjab National Bank…
The Promoter of the Corporate Debtor executed…
This case involves an appeal filed by Punjab National Bank (PNB), a financial creditor, against an order dated 22.06.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which approved a resolution plan for Jet Airways (India) Limited. PNB's appeal contests the reduction of its admitted claim by the Resolution Professional (RP) due to the invocation of pledged shares. The RP's decision was based on a prior judgment of the National Company Law Appellate Tribunal (NCLAT) in India Power Corporation Ltd. vs. Meenakshi Energy Ltd., which was subsequently overturned by the Supreme Court in PTC India Financial Services Ltd. vs. Mr. Venkateshwarlu Kari. PNB argues that the RP's reduction of its claim was unjustified and caused prejudice, affecting its
…In 2016-17, Punjab National Bank (PNB) extended loans to Jet Airways (India) Limited, the Corporate Debtor. Jet Airways defaulted on repayment. On March 30, 2019, the Corporate Debtor's promoter executed a Share Pledge Agreement in favor of PNB to secure outstanding dues, pledging 2,95,46,679 equity shares. On June 20, 2019, the Corporate Insolvency Resolution Process (CIRP) commenced under Section 7 of the Insolvency and Bankruptcy Code (IBC) based on an application by State Bank of India. PNB filed a claim of Rs.963.47 crores, later revised to Rs.956.11 crores and then Rs.956.21 crores. The Resolution Professional (RP) admitted Rs.9,562,165,500/-. The RP issued an email on September 19, 2020, stating the claim would be reduced by the fair market value of pledged
…Punjab National Bank…
The Promoter of the Corporate Debtor executed…