The Resolution Professional filed MA 2387/2019 seeking a restraining order against the Respondent from de-registering the Aircraft until the completion of the Corporate Insolvency Resolution Process (CIRP). The applicant contends that the Corporate Debtor is the registered operator of the Aircraft, which is its asset, acquired through a lease agreement. The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) and issued a public notice. The IDERA holder seeks to de-register the aircraft to recover possession and utilize it to recover dues. The applicant argues that this action violates the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant also states that de-registering the Aircraft
…The Corporate Debtor, Jet Airways (India) Ltd., is undergoing CIRP. The Resolution Professional (RP) filed MA 2387/2019 seeking a restraining order against the Respondent from de-registering an Aircraft, which is an asset of the Corporate Debtor acquired through a lease agreement dated 2007-08-29. The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) and issued a public notice. The IDERA holder seeks to de-register the Aircraft to recover possession and utilize it to recover dues. The RP argues that this action violates the moratorium under Section 14 of the IBC, 2016. The RP also emphasizes Rule 30(7) of Aircraft Rules, 1937, regarding the cancellation of aircraft registration upon IDERA holder application. The RP contends
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The Petition was…
The Corporate Debtor acquired the Aircraft…
The Resolution Professional filed MA 2387/2019 seeking a restraining order against the Respondent from de-registering the Aircraft until the completion of the Corporate Insolvency Resolution Process (CIRP). The applicant contends that the Corporate Debtor is the registered operator of the Aircraft, which is its asset, acquired through a lease agreement. The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) and issued a public notice. The IDERA holder seeks to de-register the aircraft to recover possession and utilize it to recover dues. The applicant argues that this action violates the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant also states that de-registering the Aircraft
…The Corporate Debtor, Jet Airways (India) Ltd., is undergoing CIRP. The Resolution Professional (RP) filed MA 2387/2019 seeking a restraining order against the Respondent from de-registering an Aircraft, which is an asset of the Corporate Debtor acquired through a lease agreement dated 2007-08-29. The Respondent received an Irrevocable De-registration and Export Requested Authorisation (IDERA) and issued a public notice. The IDERA holder seeks to de-register the Aircraft to recover possession and utilize it to recover dues. The RP argues that this action violates the moratorium under Section 14 of the IBC, 2016. The RP also emphasizes Rule 30(7) of Aircraft Rules, 1937, regarding the cancellation of aircraft registration upon IDERA holder application. The RP contends
…The Petition was…
The Corporate Debtor acquired the Aircraft…