# In the matter of Jet Airways (India) Ltd. C.P. (IB)-2205(MB)-2019

> NCLT judgment dated 2019-07-05. Citation: TCN-2019-NCLT-02652. The Resolution Professional filed MA 2387/2019 seeking a restraining order against the…

- **Court:** NCLT
- **Order date:** 5 Jul 2019
- **Citation:** TCN-2019-NCLT-02652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jet-airways-india-ltd-cp-ib-2205mb-2019-6c320815

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the de-registration of the Aircraft by the IDERA holder should be restrained during the …

**Ratio:** Section 14 of the IBC imposes a moratorium on the institution or continuation of suits or

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**Reasoning:** The court reasoned that allowing the de-registration of the Aircraft during the CIRP

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**Interpretation:** Section 14 is interpreted to protect the assets of the corporate debtor during

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**Application:** The court applied the ratio by directing the Respondent to maintain the status

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** State Bank of…
- **Respondents:** Jet Airways…

## Timeline

- **2019-06-20 — Petition Ad…**: The Petition was admitted, and the…
- **2007-08-29 — Lease Agr…**: The Corporate Debtor acquired the Aircraft through a lease agreement dated 2007-08-29…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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