# In the matter of The Consortium of Murari Lal Jalan & Florian Fritsch & Ors. vs. Ace Aviation VII Ltd. & Ors.

> NCLAT judgment dated 2023-12-22. Citation: TCN-2023-NCLAT-00001. These appeals challenge orders dated 17.10.2023 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLAT-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/the-consortium-of-murari-lal-jalan-florian-fritsch-ors-vs-ace-aviation-vii-ltd-o-dd8dd1b7

## Summary

### Background

These appeals challenge orders dated 17.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, in IA No.3747 of 2022 and IA No.883 of 2023. The appeals arise from the Corporate Insolvency Resolution Process (CIRP) initiated against Jet Airways (India) Limited. A resolution plan by the Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch was approved on 22.06.2021, which was challenged in prior appeals. The resolution plan included provisions for the sale of aircraft. The Monitoring Committee initiated a sale process for identified assets, leading to the issuance of Letters of Intent to Ace Aviation VII Limited. Subsequently, the Monitoring Committee issued a letter dated 11.11.2022, putting the sale process in abeyance. Ace

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Jet Airways (India) Limited. The Adjudicating Authority approved a Resolution Plan submitted by the Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch on 22.06.2021. The Resolution Plan included provisions for the sale of aircraft. The Monitoring Committee, constituted by the Adjudicating Authority, initiated a sale process for identified assets, issuing a revised asset sale process document on 05.08.2022. Ace Aviation VII Limited participated in the bid for the aircrafts and was issued Letters of Intent on 19.10.2022. On 11.11.2022, the Monitoring Committee issued a letter keeping the sale process in abeyance. Ace Aviation filed IA No.3747 of 2022 seeking to resume the sale process. All

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority had jurisdiction to entertain the application filed by Ace …

**Ratio:** Section 60(5) of the IBC grants the NCLT jurisdiction to entertain or dispose of any

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**Reasoning:** The court reasoned that the application filed by Ace Aviation arose out of the insolvency

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**Interpretation:** Section 60(5) is interpreted broadly to encompass matters that have a direct

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**Application:** The court applied the ratio to the facts by holding that the application by Ace

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** The Consortium of…
- **Respondents:** Jet Airways…; Ace Aviation VII…
- **Advocates:** Krishnendu…; Abhijeet…; +10 more

## Timeline

- **2021-06-22 — Approval of Resolution…**: The Adjudicating Authority approved the Resolution Plan submitted by the Consortium of…
- **2022-08-05 — Revised Asset Sale…**: The Monitoring Committee issued a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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